FYBR quick hit: Company raising new ABS debt
Frontier is issuing $750MM in ABS against assets in North Texas. We haven’t seen details of homes passed, subscribers, EBITDA, and cash flow for the North Texas market yet, but we would expect it to be similar to the Dallas market previously securitized. We would expect leverage to be similar too at ~8.4x net cash flow (as defined by Fitch). The debt cost will likely be lower than their last ABS deal of 8.8%; recent deals have a spread that is 100-150bps than Frontier’s last deal.
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