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v3.25.1

Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Long-Term Debt [Abstract] |
Long-Term Debt |
|  |  |  |  | For the three months ended ‎March 31, 2025 |  |  |
|  |  |  |  |  | Principal |  |  |  |  |  |  |
|  |  | January 1, |  | Payments |  | New |  | March 31, |
| ($ in millions) |  | 2025 |  | and Retirements |  | Borrowings |  | 2025 |
| Secured debt issued by Frontier |  | $ | 8,436 |  | $ | - |  | $ | - |  | $ | 8,436 |
| Secured debt issued by subsidiaries |  |  | 2,383 |  |  | - |  |  | 100 |  |  | 2,483 |
| Unsecured debt issued by subsidiaries |  |  | 750 |  |  | - |  |  | - |  |  | 750 |
| Principal outstanding |  | $ | 11,569 |  | $ | - |  | $ | 100 |  | $ | 11,669 |
| Less: Debt issuance costs |  |  | (89) |  |  |  |  |  |  |  |  | (101) |
| Less: Current portion |  |  | (10) |  |  |  |  |  |  |  |  | (10) |
| Less: Debt premium / (discount) |  |  | (44) |  |  |  |  |  |  |  |  | (41) |
| Plus: Unamortized fair value adjustments (1) |  |  | 125 |  |  |  |  |  |  |  |  | 116 |
| Total Long-term debt |  | $ | 11,551 |  |  |  |  |  |  |  | $ | 11,633 |
(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 $236 million as a fair value adjustment. The fair value accounting adjustment is being amortized into interest expense using the effective interest method.
Schedule Of Secured And Unsecured Debt |
|  |  | March 31, 2025 |  |  | December 31, 2024 |
|  |  | Principal |  | Interest |  |  | Principal |  | Interest |
| ($ in millions) |  | Outstanding |  | Rate |  |  | Outstanding |  | Rate |
| Secured debt issued by Frontier |  |  |  |  |  |  |  |  |  |  |  |
| Term loan due 7/1/2031 |  | $ | 1,023 |  | 6.792% (Variable) |  |  | $ | 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 |  |  |  |  |  | 8,436 |  |  |
| 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% |  |  |  | 530 |  | 6.190% |
| Series 2024-1 revenue term notes Class B due 5/30/2031 |  |  | 73 |  | 7.020% |  |  |  | 73 |  | 7.020% |
| Series 2024-1 revenue term notes Class C due 5/20/2031 |  |  | 147 |  | 11.160% |  |  |  | 147 |  | 11.160% |
| DDTL Facility due 12/31/2029 |  |  | 100 |  | 6.070% (Variable) |  |  |  | - |  | - |
| Total secured debt issued by subsidiaries |  |  | 2,483 |  |  |  |  |  | 2,383 |  |  |
| 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 |  | $ | 11,669 |  | 6.816% (1) |  |  | $ | 11,569 |  | 6.996% (1) |
(1)Interest rate represents a weighted average of the stated interest rates of multiple issuances. The anticipated repayment date of July 2028 is used for the Series 2023-1 Revenue Term Notes, classes A-2, B, and C when calculating the weighted average, and the anticipated repayment date 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 |
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 Anticipated Repayment Date, 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.

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