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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Long-Term Debt [Abstract]  
Long-Term Debt

For the year ended

December 31, 2024

Principal

January 1,

Payments

New

December 31,

Interest Rate at

($ in millions)

2024

and Retirements

Borrowings

2024

December 31, 2024 (2)

  

Secured debt issued by Frontier

$

8,848

$

(412)

$

-

$

8,436

6.837%

Secured debt issued by subsidiaries

1,633

-

750

2,383

7.592%

Unsecured debt issued by subsidiaries

750 

-

-

750

6.899%

Principal outstanding

$

11,231

$

(412)

$

750

$

11,569

6.996%

  

  

  

  

  

  

Less: Debt issuance costs

(71)

(89)

Less: Current portion

(15)

  

(10)

Less: Debt premium / (discount)

(64)

  

(44)

Plus: Unamortized fair value adjustments (1)

165

125

Total Long-term debt

$

11,246

  

$

11,551

(1) Upon emergence, we adjusted the carrying value of our debt to fair value. The adjustment consisted of the elimination of the existing unamortized debt issuance costs and unamortized discounts and recording a balance of $236 million as a fair value adjustment. The fair value accounting adjustment is being amortized into interest expense using the effective interest method.

(2) The interest rates at December 31, 2024 represent a weighted average of multiple issuances. The Anticipated Repayment Date (“ARD”) of July 2028 is used for the Series 2023-1 Revenue Term Notes, classes A-2, B, and C, and the ARD of May 2031 is used for the Series 2024-1 Revenue Term Notes, classes A-2, B, and C, when calculating the weighted average.

Schedule Of Secured And Unsecured Debt

December 31, 2024

December 31, 2023

Principal

Interest

Principal

Interest

($ in millions)

Outstanding

Rate

Outstanding

Rate

Secured debt issued by Frontier

Term loan due 10/8/2027

$

-

-

$

1,435 

9.220% (Variable)

Term loan due 7/1/2031

1,023

8.763% (Variable)

-

-

First lien notes due 10/15/2027

1,150

5.875%

1,150 

5.875%

First lien notes due 5/1/2028

1,550

5.000%

1,550 

5.000%

First lien notes due 5/15/2030

1,200

8.750%

1,200 

8.750%

First lien notes due 3/15/2031

750

8.625%

750 

8.625%

Second lien notes due 5/1/2029

1,000

6.750%

1,000 

6.750%

Second lien notes due 11/1/2029

750

5.875%

750 

5.875%

Second lien notes due 1/15/2030

1,000

6.000%

1,000 

6.000%

IDRB due 5/1/2030

13

6.200%

13 

6.200%

Total secured debt issued by Frontier

8,436

8,848 

Secured debt issued by subsidiaries

Debentures due 11/15/2031 (2)

47

8.500%

47 

8.500%

Series 2023-1 revenue term notes Class A-2 due 7/20/2028

1,119

6.600%

1,119 

6.600%

Series 2023-1 revenue term notes Class B due 7/20/2028

155

8.300%

155 

8.300%

Series 2023-1 revenue term notes class C due 7/20/2028

312

11.500%

312 

11.500%

Series 2024-1 revenue term notes Class A-2 due 5/20/2031

530

6.190%

-

-

Series 2024-1 revenue term notes Class B due 5/30/2031

73

7.020%

-

-

Series 2024-1 revenue term notes Class C due 5/20/2031

147

11.160%

-

-

Total secured debt issued by subsidiaries

2,383

1,633 

Unsecured debt issued by subsidiaries

Debentures due 5/15/2027

200

6.750%

200 

6.750%

Debentures due 2/1/2028

300

6.860%

300 

6.860%

Debentures due 2/15/2028

200

6.730%

200 

6.730%

Debentures due 10/15/2029

50

8.400%

50 

8.400%

Total unsecured debt issued by subsidiaries

750

750 

Principal outstanding

$

11,569

6.996% (1)

$

11,231 

7.103% (1)

(1) Interest rate represents a weighted average of the stated interest rates of multiple issuances. The ARD of July 2028 is used for the

Series 2023-1 Revenue Term Notes, classes A-2 B, and C, and the ARD of May 2031 is used for the Series 2024-1 Revenue Term

Notes, classes A-2, B, and C, when calculating the weighted average.

(2) $47 million principal amount in remaining debt of our subsidiary Frontier Southwest Incorporated, which was defeased, in

connection with the closing of the August 2023 securitization transaction.
Schedule Of Aggregate Maturities of Long-Term Debt

Principal

($ in millions)

Payments

    

2025

$

10 

2026

$

10 

2027

$

1,360 

2028

$

3,646 

2029

$

1,810 

Thereafter

$

4,733 
Schedule Of Material Terms Of Fiber Term Notes

Security

Issue Date

Amount Outstanding

Interest Rate (1)

Anticipated Repayment Date

Final Maturity Date

Series 2023-1, Class A-2 term notes

August 8, 2023

$

1,119,000,000 

6.60%

July 20, 2028

August 20, 2053

Series 2023-1, Class B term notes

August 8, 2023

$

155,000,000 

8.30%

July 20, 2028

August 20, 2053

Series 2023-1, Class C term notes

August 8, 2023

$

312,000,000 

11.50%

July 20, 2028

August 20, 2053

Series 2024-1, Class A-2 term notes

July 1, 2024

$

530,000,000 

6.19%

May 20, 2031

June 20, 2054

Series 2024-1, Class B term notes

July 1, 2024

$

73,000,000 

7.02%

May 20, 2031

June 20, 2054

Series 2024-1, Class C term notes

July 1, 2024

$

147,000,000 

11.16%

May 20, 2031

June 20, 2054

(1) If Frontier Issuer has not repaid or refinanced any Class of Notes of a Series of Fiber Term Notes prior to the ARD, additional interest will accrue thereon in an amount equal to the greater of (i) 5.00% per annum and (ii) the excess amount, if any, by which the sum of the following exceeds the interest rate for such note: (A) the yield to maturity (adjusted to a “mortgage-equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the ARD for such note of the United States Treasury Security having a remaining term closest to 10 years plus (B) 5.00% plus (C) the post-ARD note spread applicable to such Note.