The US Bankruptcy Court gave an order to Frontier Communications Corporation to obtain DIP financing on a final basis on September 17, 2020. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $625 million from Goldman Sachs Banks USA, JP Morgan Chase Bank, N.A., Deutsche Bank AG New York Branch, Barclays Bank PLC, Morgan Stanley Senior Funding, Inc. and other banks and financial institutions with Goldman Sachs Banks USA acting as the administrative agent and a term loan facility of $1,650 million. The DIP revolving credit facility would either carry an interest rate of adjusted LIBOR plus 3.25% p.a., or an alternate base rate plus 2.25% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries an unused commitment fee of 0.375% p.a. The DIP facility would mature either on twelve months following closing sate or on the consummation date. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $35 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.