Frontier Communications $10.54 billion acquisition of Verizon assets

Overview:

• Frontier Communications Corporation has acquired the Verizon wireless operations serving customers in California, Florida and Texas from Verizon for $10.54 billion.
• The purchase price included $9.9 billion in cash and $600 million in assumed debt. 
• JP Morgan Chase Bank acted as administrative agent and lead arranger and Merrill Lynch Pierce Fenner & Smith and Citigroup Global Markets acted as arrangers for a term loan to finance the acquisition.
• Frontier Communications Corporation also offered $1 billion 8.875% senior notes due 2020, $2 billion 10.5% senior notes due 2022 and $3.6 billion 11% senior notes due 2025 to finance the acquisition.
• J.P. Morgan, BofA Merrill Lynch and Citigroup acted as joint bookrunners for the note issues. 

Rani Mehta - Journalist