Amended Exchange Offer is Expected to be Supported by Holders of Approximately 80% of the Aggregate Principal Amount of the Outstanding Notes

CHARLOTTE, N.C., July 13 /PRNewswire-FirstCall/ -- FairPoint Communications, Inc. (NYSE: FRP) ("FairPoint") announced today that it has amended the terms of its previously announced private exchange offer (the "Exchange Offer") for all of its outstanding 13 1/8% Senior Notes due 2018 (CUSIP No. 305560 AH7) (the "Notes") held by qualified institutional buyers and accredited investors (each, a "Holder" and collectively, the "Holders") and its corresponding solicitation of consents from Holders of the Notes (the "Consent Solicitation") for certain amendments (the "Proposed Amendments") to the indenture under which the Notes were issued (the "Indenture").

FairPoint has had discussions relating to the Exchange Offer and Consent Solicitation with the financial advisor, Moelis & Company LLC ("Moelis"), and legal advisor, Stroock & Stroock & Lavan LLP, to Holders that FairPoint believes own approximately 80 percent of the aggregate principal amount of the outstanding Notes (the "Supporting Holders") and certain of the Supporting Holders. As a result of these discussions, the Company expects such Supporting Holders to tender their Notes in the Exchange Offer as amended.