Frontier Communications Corp. (fka FTRCQ)

[N4longterm]

Capital Structure and Capital Allocation

Frontier purchased $110 million principal amount of its 2018 and 2019 senior unsecured notes on the open market during the fourth quarter of 2017.
As of December 31, 2017, Frontier’s leverage ratio (as calculated in accordance with its credit agreements) was 4.59:1, which complied with its obligations under its credit agreements. The leverage ratio was 4.39:1 as of September 30, 2017.
Frontier remains committed to reducing debt and improving its financial leverage profile.
Subsequent to the quarter, on January 25, 2018, Frontier amended its credit facilities to provide increased flexibility in managing its capital structure.
The Board of Directors has suspended the quarterly cash dividend on the Company’s common stock beginning with the first quarter of 2018. This change allows for a reallocation of approximately $250 million annually, following the conversion of Frontier’s 11.125% Mandatory Convertible Series A Preferred Stock (Convertible Preferred) to common stock in June 2018.
The Board of Directors has declared a regular quarterly dividend on the Convertible Preferred of $2.78125 per share, payable in cash on March 30, 2018 to holders of record at the close of business on March 15, 2018.

http://ih.advfn.com/p.php?pid=nmona&article=76816428