Frontier Communications Parent, Inc. announced the closing of its previously announced fiber securitization notes offering. This transaction is the Company?s second fiber securitization and again demonstrates the long-term value of Frontier?s fiber assets and the Company?s ability to flexibly access investment grade capital. Summary of Transactions: A limited-purpose, bankruptcy remote, indirect subsidiary of the Company closed an offering of $750 million aggregate principal amount of secured fiber network revenue term notes, consisting of $530 million 6.2% Series 2024-1, Class A-2 term notes, $73 million 7.0% Series 2024-1, Class B term notes and $147 million 11.2% Series 2024-1, Class C term notes, each with an anticipated repayment date in May 2031 (collectively, the ?Notes?).

Collectively, the Notes have a weighted average yield of approximately 7.4%. The Notes are secured by certain of Frontier?s fiber assets and associated customer contracts in North Texas and qualify as green bonds. In addition, the Company announced the closing of an amendment to its senior secured term loan facility with JPMorgan Chase Bank, N.A., as administrative agent.

This amendment, among other things, extends the maturity of $1.025 billion of commitments to 2031, eliminates the credit spread adjustment and lowers the margin over adjusted Term SOFR from 3.75% to 3.50% and the margin over the alternative base rate from 2.75% to 2.50%. The Company intends to use $400 million of proceeds from the Notes offering to repay the balance of the existing term loan commitments currently due in 2027. The combined impact of lowering the margin and refinancing $400 million of the term loan with lower rate Notes reduces estimated aggregate interest cost on the existing term loan by over $21.4 million through the original maturity date.