09:44 AM EDT, 05/23/2024 (MT Newswires) -- Frontier Communications Parent ( FYBR ) said Thursday it has amended its revolving credit facility to increase the amount of securitization debt it may issue and also require that part of the funds be used to refinance first-lien debt.

The move will give the company "more flexibility to use securitizations to fund [its] fiber build and to refinance more expensive debt, while also providing important protections for [its] first lien debtholders," Frontier Chief Financial Officer Scott Beasley said in a statement.

Frontier said it issued its first securitization notes in August as part of a $2.1 billion financing backed by fiber assets and client contracts in Dallas.

Under the terms of the amendment, the company increased the combined cap on some first-lien debt, securitization and receivables facilities and non-loan party debt to to $5.5 billion from $2.5 billion, it said.

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