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    Frontier Communication

    Frontier Communications

    Frontier Communications is an S&P 500 company and is included in the Fortune 1000 list of America’s largest corporations. Frontier serves predominantly a mix of urban, suburban, and rural areas across the U.S. The company offers a variety of services to customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice and Frontier Secure digital protection solutions. Frontier Business Edge offers communications solutions to small, medium, and enterprise businesses.
    Bonds:

    WKN ISIN Fälligkeit Kupon
    A1G8GH US35906AAM09 15.01.2023 7,125%
    A1HH6F US35906AAN81 15.04.2024 7,625%
    A1VGST US35906AAQ13 15.01.2025 6,875%
    879548 US17453BAJ08 15.08.2031 9,000%
    A0GG4Q US177342AP79 01.10.2046 7,050%

    IR: http://investor.frontier.com/index.cfm
    Rating: http://investor.frontier.com/bond.cfm

    #2
    AW: Frontier Communications

    Rating Action: Moody's rates Frontier's new unsecured notes Ba3

    Frontier's Ba3 CFR reflects its large scale of operations, its strong and predictable cash flows and high margins. Following the acquisition of Verizon's assets in Florida, Texas and California, Frontier will dramatically improve its scale and acquire valuable assets that are strongly positioned versus the incumbent cable competitors. These factors are offset by the company's challenged competitive position versus cable operators in its legacy Frontier territories, its weak revenue trend and the possibility that the company may not have the discipline to continue to adequately invest in network modernization.

    Moody's projects Frontier's leverage to be around 4.1x (Moody's adjusted) at year end 2017 before falling further in 2018 due to expected debt repayment and synergy realization. Moody's anticipates approximately $2.75 billion of the $10 billion purchase price of these assets to be funded with previously raised equity capital, $1.5 billion funded with the new senior secured term loan A and the remaining $6.6 billion to be funded with the unsecured notes offering announced today.

    The acquisitions will double Frontier's size to over $11 billion in revenues, adding nearly 6.1 million additional households and about 2.2 million additional broadband connections. Moody's expects Frontier's consolidated revenue over the next several years to remain approximately flat as the growth within the acquired Verizon wireline properties offsets the low single digit percentage decline at the legacy Frontier business. The Verizon acquisition is positive to Frontier's cash flow profile given the high margins of the acquired wireline business and the high penetration of FiOS within the footprint resulting in favorable capital intensity.

    The ratings for the debt instruments reflect both the probability of default of Frontier, on which Moody's maintains a PDR of Ba3-PD, and individual loss given default assessments. The senior secured term loan is rated Ba2 (LGD3), one notch above the company's Ba3 CFR due to its pledge of stock of Frontier North, Inc. Moody's rates Frontier's senior unsecured debt at Ba3 (LGD4), in line with the CFR as the unsecured debt continues to represent the vast majority of the company's debt obligations.

    The stable outlook is based upon Moody's view that Frontier will successfully integrate the acquired assets, maintain stable margins and produce free cash flow after dividends of about 2-3% of total debt. The outlook also assumes that Frontier will repay debt at maturity with operating cash flows for the next two to three years.

    Moody's could raise Frontier's ratings if leverage were to be sustained comfortably below 3.75x (Moody's adjusted) and free cash flow to debt were in the mid-single digits percentage range. Moody's could lower Frontier's ratings if leverage were to exceed 4.25x (Moody's adjusted) or free cash flow turns negative, on a sustained basis. Also, the ratings could be lowered if the company's liquidity becomes strained or if capital spending is reduced below the level required to sustain the company's market position.

    Kommentar


    #3
    AW: Frontier Communications

    Was zum Lesen:

    http://www.fool.com/investing/2016/1...tier-comm.aspx
    http://www.fool.com/investing/2016/1...est-failu.aspx
    http://www.latimes.com/business/laza...nap-story.html

    Kommentar


    #4
    AW: Frontier Communications

    Danke Alf, dass du den Bonds einen eigenen Thread gegönnt hast.
    ich hatte den 2024er Bond A1HH6F in den Transaktions-Fred angesprochen.
    http://bondboard.de/forum/showthread...GST#post239554 und
    http://bondboard.de/forum/showthread...GST#post235532

    Viel Umsatz gabs danach nicht in D. Heute ist er etwas günstiger zu erwerben. Und ich halte die Teil'chen weiter.

    Kommentar


    #5
    AW: Frontier Communications

    Zitat von Alf Hier:30.10.2016, 13:36 Beitrag anzeigen
    Bonds:

    WKN ISIN Fälligkeit Kupon
    A1G8GH US35906AAM09 15.01.2023 7,125%
    A1HH6F US35906AAN81 15.04.2024 7,625%
    A1VGST US35906AAQ13 15.01.2025 6,875%
    879548 US17453BAJ08 15.08.2031 9,000%
    A0GG4Q US177342AP79 01.10.2046 7,050%
    in DE werden eigentlich mehr Bonds gelistet, einige sind aber illiquide und bei den Kurzläufern ist die Rendite m.E. uninteressant

    WKN ISIN Fälligkeit Kupon
    A1AZDK US35906AAF57 15.04.2017 8,250%
    A1AMYD US35906AAB44 01.10.2018 8,125%
    A1AZDL US35906AAH14 15.04.2020 8,500%
    A1VGSS US35906AAP30 15.09.2021 7,050%
    A1Z6WW USU3144QAF73 15.09.2022 10,500%
    A1G8GH US35906AAM09 15.01.2023 7,125%
    A1HH6F US35906AAN81 15.04.2024 7,625%
    A1VGST US35906AAQ13 15.01.2025 6,875%
    A1Z6WY USU3144QAG56 15.09.2025 11,000%
    879548 US17453BAJ08 15.08.2031 9,000%
    A0GG4Q US177342AP79 01.10.2046 7,050%

    Kommentar


    #6
    AW: Frontier Communications

    Zitat von Maxbox Hier:30.10.2016, 19:55 Beitrag anzeigen
    Danke Alf, dass du den Bonds einen eigenen Thread gegönnt hast.
    ich hatte den 2024er Bond A1HH6F in den Transaktions-Fred angesprochen.
    http://bondboard.de/forum/showthread...GST#post239554 und
    http://bondboard.de/forum/showthread...GST#post235532

    Viel Umsatz gabs danach nicht in B Heute ist er etwas günstiger zu erwerben. Und ich halte die Teil'chen weiter.
    falsche WKN, ich halte die 2025 A1VGST
    umsatzstatistik http://www.ariva.de/US35906AAQ13/his...en?boerse_id=1
    und bitte kurse in Berlin vergleichen !
    Zuletzt geändert von Maxbox; 31.10.2016, 11:10.

    Kommentar


    #7
    AW: Frontier Communications

    News hier: http://seekingalpha.com/symbol/FTR
    Finra 2025: http://finra-markets.morningstar.com...ss=&startDate=

    Kommentar


    #8
    AW: Frontier Communications

    Better Buy: Frontier Communications Corporation vs. T-Mobile

    Kommentar


    #9
    AW: Frontier Communications

    Frontier Communications Reports 2016 Third Quarter Results

    Financial Highlights for the Third Quarter 2016:
    Revenue of $2,524 million
    Operating income of $264 million, operating income margin of 10.5%
    Net loss attributable to common shareholders of $134 million, or ($0.12) per share, and net loss of $80 million
    Adjusted EBITDA of $1 billion, adjusted EBITDA margin2 of 39.6%
    Net cash provided from operating activities of $321 million
    Adjusted Free Cash Flow3 of $168 million

    Kommentar


    #10
    AW: Frontier Communications

    Habe gerade Statistik bei yahoo angeschaut: https://finance.yahoo.com/quote/FTR/...atistics?p=FTR
    Total Debt (mrq) 17.97B
    Total Debt/Equity (mrq) 354.92
    354% sind schon viel, oder?

    Und Debt/Ebitda =6,66

    Bei RIG oder NE hat man ähnliche Rendite, aber Debt/Equity ist deutlich kleiner so um 50-55%

    Kommentar


    #11
    AW: Frontier Communications

    Frontier Loses Another 99,000 Users After Verizon Struggles

    Kommentar


    #12
    AW: Frontier Communications

    Moody's downgrades Frontier to B1, outlook negative

    New York, November 07, 2016 -- Moody's Investors Service, ("Moody's") has downgraded the corporate family rating of Frontier Communications Corp. ("Frontier") to B1 from Ba3 and changed the outlook to negative based on the company's persistently weak fundamentals. The downgrade follows disappointing 3Q results, particularly within its recently acquired California, Texas and Florida (CTF) markets. The CTF markets experienced sharp subscriber losses for the second consecutive quarter and an 8% sequential decline in quarterly EBITDA. Moody's has also downgraded Frontier's probability of default rating (PDR) to B1-PD from Ba3-PD, its unsecured rating to B1 from Ba3 and its secured rating to Ba3 from Ba2. Frontier's speculative grade liquidity (SGL) rating has been downgraded to SGL-2 from SGL-1 reflecting potential pressure on its covenants from declining EBITDA.

    Frontier's prior Ba3 rating was prospective and incorporated Moody's expectation of improved leverage and cash flow as the company achieved its planned merger synergies. The prior rating was also predicated on Frontier reducing debt with excess cash flow. These views have now changed and Moody's expects continued revenue, EBITDA and cash flow weakness.

    Despite a higher synergy estimate, now estimated to be approximately $1.4 billion, Moody's believes that leverage will remain above Frontier's limit of 4.25x (Moody's adjusted) for its prior Ba3 rating for an extended period. Moody's estimates Frontier's leverage will be approximately 4.5x (Moody's adjusted) at year end 2016. Further, full realization of the company's costs savings initiatives could take up to three years. As we have signaled prior, Frontier's narrow equity cushion suggests the company has low leverage tolerance, which limits the timeframe over which Frontier's credit metrics can exceed Moody's targets.

    The negative outlook reflects the risk that Frontier may not be able to reverse the unfavorable operating trends among its CTF markets and that EBITDA could continue to decline.

    Ratings Rationale

    Frontier's B1 CFR reflects its large scale of operations, its predictable cash flows and high margins. These factors are offset by an aggressive financial policy that includes a high dividend payout and frequent debt-financed acquisitions, declining revenues within its legacy business and acquired markets and the risk that the company may not have the discipline to continue to adequately invest in network modernization.

    Moody's believes Frontier will maintain good liquidity over the next twelve months with $331 million of cash on hand at 9/30/2016 and an undrawn $750 million revolver. Due to declining EBITDA, covenant leverage may approach its 4.5x net leverage limit over the next 12-18 months, which, if it occurs at a faster rate than Moody's currently anticipates, could result in a loss of borrowing ability under the revolver. Moody's expects the company will maintain a modest cushion on this leverage covenant over the next few quarters. Frontier has no additional debt due in 2016 and around $500 million due in 2017. We expect Frontier to have the capacity to address these maturities with a combination of cash on hand coupled with revolver capacity. Overall, Frontier has a favorable maturity profile with modest annual maturities until 2020.

    Frontier's common dividend consumes approximately $500 million in cash annually. A dividend cut would improve Frontier's liquidity and its ability to repay debt. Moody's believes that a dividend cut represents an opportunity for Frontier to offset its operational weakness, reduce debt and maintain a strong liquidity position in advance of the large annual maturities that begin in 2020.

    Moody's could lower Frontier's ratings if leverage is sustained above 4.75x (Moody's adjusted) or if free cash flow turns negative, on a sustained basis. Also, the ratings could be lowered if the company's liquidity deteriorates, if the company engages in shareholder friendly activities or if capital spending is reduced below the level required to sustain the company's market position. Given the company's weak fundamentals and the negative outlook, a ratings upgrade is very unlikely at this point. Moody's could stabilize Frontier's outlook if the company achieves stability among its customer base that can be sustained over several quarters and maintains or improves its liquidity.

    Kommentar


    #13
    AW: Frontier Communications

    4 Things Frontier Communications' Management Wants Investors to Know

    Kommentar


    #14
    AW: Frontier Communications

    Frontier Communications: Risky
    Fundamentals are becoming weaker, and are expected to remain weak in the short-medium term.
    Credit metrics are getting into dangerous territory.
    Credit rating has already been downgraded to highly-speculative grade.
    Conversion of preferred shares will result in between 22-25% dilution.
    Loss of subscribers needs to be stopped in order for the fundamentals to get better.

    Kommentar


    #15
    Frontier Communications Corp

    Die bonds haben derzeit eine schwäche.
    es werden 4 anleihen gehandelt und zwar alle in USD
    Rating BB

    https://www.boerse-stuttgart.de/de/b...=&submit=Suche

    meinungen?

    Kommentar

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