Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2025

Long-Term Debt [Abstract]

Long-Term Debt

			For the six months ended ‎June 30, 2025
			Principal
	January 1,		Payments		New		June 30,
($ in millions)	2025		and Retirements		Borrowings		2025
Secured debt issued by Frontier	$	8,436	$	(3)	$	-	$	8,433
Secured debt issued by subsidiaries		2,383		-		330		2,713
Unsecured debt issued by subsidiaries		750		-		-		750
Principal outstanding	$	11,569	$	(3)	$	330	$	11,896
Less: Debt issuance costs		(89)						(96)
Less: Current portion		(10)						(10)
Less: Debt premium / (discount)		(44)						(38)
Plus: Unamortized fair value adjustments (1)		125						108
Total Long-term debt	$	11,551					$	11,860

⁽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

	June 30, 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	$	1,020	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		8,433			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		330	6.069% (Variable)		-	-
Total secured debt issued by subsidiaries		2,713			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	$	11,896	6.801% (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.