Frontier fully draws $150M Verizon convertible note, secures $750M term loan, accelerates exec pay

Frontier Communications Parent, Inc.

On Dec 19, Frontier drew remaining $150M under Verizon convertible note (total $200M), bearing SOFR+0.87%, due Aug 2028.
Subsidiary entered $750M incremental term loan facility from Barclays, subject to customary conditions.
Credit agreement amended to increase term loan prepayment exception from $135M to $830M.
Comp committee accelerated 2025 bonuses and RSU/PSU vesting for three executives to Dec 2025 to mitigate 280G tax; Jeffery receives $3.64M and 282k shares.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Frontier Communications Parent, Inc. issued convertible note to Verizon Communications Inc. for maximum initial principal amount of credit of up to $200 million.

Security: convertible note
Purchaser: Verizon Communications Inc.
Consideration: maximum initial principal amount of credit of up to $200 million

Exact text from the filing

on August 27, 2025, Frontier Communications Parent, Inc. (the “ Company ”), Frontier Communications Holdings, LLC (“ Frontier Holdings ”) and Verizon Communications Inc. (“ Verizon ”) entered into a Convertible Unsecured Promissory Note (the “ Convertible Note ”) pursuant to which Verizon agreed to extend a maximum initial principal amount of credit of up to $200 million to Frontier Holdings, with $50 million drawn by Frontier Holdings at issuance

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Source: SEC EDGAR

accession 0001140361-25-046200

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