Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Long-Term Debt [Abstract]

Long-Term Debt

($ in millions)
Principal debt outstanding, December 31, 2020 (Predecessor)	$	16,769
Issuance of incremental term loan		225
Issuance of Takeback Notes		750
Conversion of Unsecured Senior Notes		(10,949)
Repayment of long term subsidiary debt at maturity		(1)
Principal debt outstanding, April 30, 2021 (Predecessor)		6,794
Less: Unamortized debt issuance costs		(2)
Less: Unamortized premium (discount)		(39)
Less: Long-term debt due within one year		(15)
Carrying amount of debt, April 30, 2021 (Predecessor)		6,738
Fresh start accounting fair value adjustment		277	(1)
Long-term debt, April 30, 2021 (Predecessor)	$	7,015
Principal debt outstanding, April 30, 2021 (Successor)	$	6,794
Repayment of long term debt at maturity		(4)
Principal debt outstanding, June 30, 2021 (Successor)		6,790	(2)
Less: Unamortized fair value adjustment		232
Less: Long-term debt due within one year		(15)
Long-term debt, June 30, 2021 (Successor)	$	7,007

⁽¹⁾Upon emergence, Frontier adjusted the carrying value of our debt to fair value, in accordance with ASC 852. 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. This amortization resulted in $4 million for the two months ended June 30, 2021.

⁽²⁾Weighted average interest rate as of June 30, 2021 was 5.657%. Interest rate includes amortization of debt issuance costs and debt discounts. The interest rate at June 30, 2020 represent a weighted average of multiple issuances.

Schedule Of Secured And Unsecured Debt

	Successor			Predecessor
	June 30, 2021			December 31, 2020
	Principal		Interest	Principal		Interest
($ in millions)	Outstanding		Rate	Outstanding		Rate
Secured debt issued by Frontier
Term loan due 10/8/2027	$	1,471	4.500% (Variable)	$	1,250	5.750% (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%
Second lien notes due 5/1/2029		1,000	6.750%		1,000	6.750%
Takeback notes due 11/1/2029		750	5.875%		-
IDRB due 5/1/2030		14	6.200%		14	6.200%
Secured debt issued by Frontier		5,935			4,964
Unsecured debt issued by Frontier
Senior notes due 4/15/2020		-			172	8.500%
Senior notes due 9/15/2020		-			55	8.875%
Senior notes due 7/1/2021		-			89	9.250%
Senior notes due 9/15/2021		-			220	6.250%
Senior notes due 4/15/2022		-			500	8.750%
Senior notes due 9/15/2022		-			2,188	10.500%
Senior notes due 1/15/2023		-			850	7.125%
Senior notes due 4/15/2024		-			750	7.625%
Senior notes due 1/15/2025		-			775	6.875%
Senior notes due 9/15/2025		-			3,600	11.000%
Debentures due 11/1/2025		-			138	7.000%
Debentures due 8/15/2026		-			2	6.800%
Senior notes due 1/15/2027		-			346	7.875%
Senior notes due 8/15/2031		-			945	9.000%
Debentures due 10/1/2034		-			1	7.680%
Debentures due 7/1/2035		-			125	7.450%
Debentures due 10/1/2046		-			193	7.050%
Unsecured debt issued by Frontier		-			10,949
Secured debt issued by subsidiaries
Debentures due 11/15/2031		100	8.500%		100	8.500%
RUS loan contracts due 1/3/2028		5	6.154%		6	6.154%
Secured debt issued by subsidiaries		105			106
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%
Unsecured debt issued by subsidiaries		750			750
Debt prior to reclassification to
liabilities subject to compromise		6,790	5.657% (1)		16,769	8.188% (1)
Less: debt subject to compromise		-			(10,949)
Unamortized fair value adjustment		232			-
Carrying amount of Total debt	$	7,022		$	5,820

⁽¹⁾ Interest rate represents a weighted average of the stated interest rates of multiple issuances.