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Frontier Communications Corp. announced Wednesday that it has begun a $500 million offering on the aggregate principal amount of senior notes due in 2024.
The company said, in a statement, it plans to use the proceeds from the offering along with available cash to finance the purchase of up to $674.8 million aggregate principal amount outstanding 7.875 percent senior notes due in March 2015 and 6.625 percent senior notes due in April 2015.
The offers on the senior notes are scheduled to expire on April 24, 2013, unless extended or terminated.
Shares of Frontier (NasdaqGS: FTR) were trading midday at $3.84, down 2 percent from Tuesday’s close.
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