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U.S. telecommunications company Frontier to sell $1 billion in green bonds

Frontier Communications Parent Inc.'s bonds, which will qualify as green, will be backed by some of its fiber assets and related contracts with clients in the Dallas area. The proceeds will be used to pay off existing debt and for general corporate purposes, including investment in the fiber expansion. The company may increase the size of the offer depending on market conditions, the report said.

Goldman Sachs & Co. , Barclays Plc and Morgan Stanley are structuring the bond sale.

The bond offering comes as sales of asset-backed securities have fallen this year. ABS output in the US is about 10% lower than at the same time last year, according to data compiled by Bloomberg.

Frontier filed for bankruptcy in April 2020 with a plan to cut more than $10 billion of its $17 billion debt by transferring ownership to bondholders. It was the largest telecommunications bankruptcy since WorldCom Inc. in 2002. The company has returned to the market by issuing $1 billion in junk bonds in 2021 in a bid to fund reform of its business.


Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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