On May 3, 2013, Frontier Communications Corporation entered into a new $750.0 million revolving credit facility. The terms of the New Credit Facility are set forth in the Credit Agreement, dated as of May 3, 2013, among the Company, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and the joint lead arrangers, joint bookrunners, syndication agent and joint documentation agents named therein. Associated facility fees under the New Credit Facility will vary from time to time depending on the Company's debt rating. The New Credit Facility is scheduled to terminate on November 3, 2016. During the term of the New Credit Facility, the Company may borrow, repay and reborrow funds, and may obtain letters of credit, subject to customary borrowing conditions. Loans under the New Credit Facility will bear interest based on the alternate base rate or the adjusted LIBO rate, at the Company's election, plus a margin specified in the Credit Agreement based on the Company's debt rating. Letters of credit issued under the New Credit Facility will also be subject to fees that vary depending on the Company's debt rating. The New Credit Facility will be available for general corporate purposes but may not be used to fund dividend payments. Upon entering into the Credit Agreement, the Company's existing $750.0 million revolving credit agreement, dated as of March 23, 2010, among the Company, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, and the joint lead arrangers, joint bookrunners and syndication agent named therein was terminated.

Frontier Communications Corporation announced that its Board of Directors has declared a regular quarterly cash dividend payment of $0.10 per share of common stock, payable on June 28, 2013 to holders of record of common stock at the close of business on June 7, 2013.

Frontier Communications Corporation plan to build broadband to connect another 130,000 homes in 2013. And of those being built in 2013, approximately 55,000 will be funded by the Federal Connect America Fund.