On Tuesday, Shares of Frontier Communications Corporation (NASDAQ:FTR), lost -3.39% to $5.42.
Frontier Communications Corporation declared that it has reached a new $1.5 billion senior secured delayed-draw term loan facility. The loan will be drawn upon the closing of Frontier’s acquisition of Verizon Communications Inc.’s wireline operations in California, Florida and Texas, which is predictable at the end of March 2016. Frontier accomplished the equity portion of its financing plan for this acquisition with a $2.75 billion dual-tranche equity offering in June 2015.
“This is a very positive arrangement that provides acquisition financing at favorable terms and rates,” said John Jureller, Executive Vice President and Chief Financial Officer of Frontier. “The proceeds will reduce the amount of public high-yield debt to be raised.” He added, “We are happy our relationship banks recognize the growth opportunities our planned Verizon transaction offers.”
Frontier Communications Corporation, a communications company, provides regulated and unregulated voice, data, and video services to residential, business, and wholesale customers in the United States.
Shares of American Airlines Group Inc. (NASDAQ:AAL), declined -0.73% to $43.63, during its last trading session.
American Airlines Group and Cuba Travel Services plan to operate the first charter flights between Los Angeles International Airport (LAX) and Jose Marti International Airport (HAV) in Havana later this year, providing travelers the only nonstop service connecting the West Coast to Cuba since travel restrictions were eased.
American’s new charter service between Los Angeles and Havana will be sold by Cuba Travel Services and will operate on Saturdays starting Dec.12 with Boeing 737 aircraft. In addition, American will operate a Saturday flight between Miami International Airport and Havana, also sold by Cuba Travel Services.
American has operated charter flights to Cuba since 1991. With these additions, American will offer 22 weekly flights from Miami, Tampa and Los Angeles to five destinations in the country: Camaguey, Cienfuegos, Havana, Holguin and Santa Clara. This year, American will operate about 1,200 charter flights to Cuba, more than any other airline. American also is the leading carrier to the Caribbean with up to 150 daily flights to more than 30 destinations.
With the addition of Havana, American will have launched nine international flights from its LAX hub this year. Additions comprise a second daily flight to London’s Heathrow Airport; Vancouver, Canada; Belize City, Belize; Guadalajara, Mexico City and Mazatlan, Mexico; Sydney (pending regulatory approvals) and Tokyo-Haneda (pending Japanese government approval).
American Airlines Group Inc., through its auxiliaries, operates in the airline industry. As of December 31, 2014, the company operated 983 mainline jets, in addition to 566 regional aircrafts through regional airline auxiliaries and third-party regional carriers. It serves 339 destinations in 54 countries.
Finally, Tesla Motors, Inc. (NASDAQ:TSLA), ended its last trade with 2.25% gain, and closed at $260.72.
Volkswagen AG and Tesla Motors Inc. are the only automakers that have avoided U.S. recalls while ongoing to use Takata Corp. air-bag inflators, which have triggered a global safety crisis, according to Bloomberg.
Takata has produced 887,055 air-bag inflators for Volkswagen since January 2011, and a combined 184,926 units for Tesla since January 2012, and the two companies are ongoing customers, Takata said in a letter last month to the National Highway Traffic Safety Administration. The agency had asked Takata in June to list the companies in North America that it supplies with inflators containing ammonium nitrate propellant. Bloomberg Reports
The disclosure highlights the potential risk for Volkswagen and Tesla to join 11 automakers already recalling vehicles, if investigations determine that ammonium nitrate is unsafe to use. Takata has said that the chemical appears to be one of many contributing factors into the air bag ruptures, together with flawed manufacturing processes. About 32 million vehicles have been recalled in the U.S., and the devices are linked to eight deaths and 130 injuries. Bloomberg added.
Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles, electric vehicle powertrain components, and stationary energy storage systems in the United States, China, Norway, and internationally.
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