Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt [Abstract]

Long-Term Debt

			For the year ended ‎December 31, 2023
			Principal
	January 1,		Payments		New		December 31,		Interest Rate at
($ in millions)	2023		and Retirements		Borrowings		2023		December 31, 2023 (2)
Secured debt issued by Frontier	$	8,113	$	(15)	$	750	$	8,848	7.001%
Secured debt issued by subsidiaries		100		(53)		1,586		1,633	7.751%
Unsecured debt issued by subsidiaries		750		-		-		750	6.899%
Principal outstanding	$	8,963	$	(68)	$	2,336	$	11,231	7.103%
Less: Debt issuance costs		(28)						(71)
Less: Current portion		(15)						(15)
Less: Debt premium / (discount)		-						(64)
Plus: Unamortized fair value adjustments (1)		190						165
Total Long-term debt	$	9,110					$	11,246

⁽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, 2023 represent a weighted average of multiple issuances. The anticipated repayment date of July 2028 is used for Fiber Term Notes when calculating the weighted average.

Schedule Of Secured And Unsecured Debt

	December 31, 2023				December 31, 2022
	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)	$	1,450	8.500% (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%		-	-
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		8,848			8,113
Secured debt issued by subsidiaries
Debentures due 11/15/2031		47	8.500%		100	8.500%
Series 2023-1 Revenue Term Notes Class A-2 due 7/20/2028		1,119	6.600%		-
Series 2023-1 Revenue Term Notes Class B due 7/20/2028		155	8.300%		-
Series 2023-1 Revenue Term Notes Class C due 7/20/2028		312	11.500%		-
Total secured debt issued by subsidiaries		1,633			100
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	$	11,231	7.103% (1)	$	8,963	6.760% (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.

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

⁽¹⁾ If Frontier Issuer has not repaid or refinanced any Fiber Term Note prior to the monthly payment date in July of 2028, 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.