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Convertible Promissory Note | 9 Months Ended
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Sep. 30, 2025
Convertible Promissory Note [Abstract] |
Convertible Promissory Note | (10) Convertible Promissory Note: On August 27, 2025, the Company, Frontier Holdings and Verizon Communications Inc. (the “Holder”) entered into a Convertible Unsecured Promissory Note (the “Convertible Note”) pursuant to which Verizon has agreed to extend a maximum initial principal amount of credit of up to $200 million to Frontier Holdings, with $50 million drawn at issuance. Borrowings under the Convertible Note bear interest at the arms-length variable rate of Daily Simple SOFR plus 0.87% per annum, payable quarterly in cash or in kind at Frontier Holdings’ option, and may be repaid in cash by Frontier Holdings in full or in part at any time prior to the termination of the Merger Agreement. The Convertible Note constitutes unsecured senior indebtedness of Frontier Holdings, and ranks equal in right of payment with all of its outstanding and future senior indebtedness and senior in right of payment to all of its subordinated obligations. Frontier Holdings may, at its option, draw the undrawn principal amount under the Convertible Note in two tranches during designated periods in the first quarter of 2026 and, in the case of the final tranche, subject to Holder’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Holder’s obligation to fund the Second Tranche and the Third Tranche (each as defined in the Convertible Note) is subject to certain customary conditions, including customary representations and warranties and the absence of limited events of default. Unless previously repaid or converted, the Convertible Note and all interest accrued thereon will be due and payable in full on August 27, 2028. Upon termination of the Merger Agreement, any outstanding borrowings under the Convertible Note, and any accrued but unpaid interest thereon, will automatically, subject to limited exceptions, convert into shares of Frontier common stock at a conversion price of $38.50 per share. Pursuant to the terms of the Convertible Note, after conversion of the Convertible Note, the Company will file a registration statement covering the resale any shares issued to Verizon upon such conversion. As of September 30, 2025, $50 million was drawn under the Convertible Note, bearing interest at 5.05% per annum, and is included within the line item “other current liabilities” on our consolidated balance sheet.

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