Windstream tenders for up to $350 million of 7 7/8% notes due in 2017

By Susanna Moon

Chicago, March 14 – Windstream Holdings, Inc. said wholly owned subsidiary Windstream Services, LLC began a tender offer for up to $350 million principal amount of its $810,565,000 outstanding 7 7/8% senior notes due in 2017.

The total purchase price will be $1,082.50 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 28, the early tender date.

The total amount includes a $30.00 early tender payment for each $1,000 principal amount.

Holders who tender their notes after the early deadline will receive $1,052.50 per $1,000 principal amount.

The company also will pay accrued interest to but excluding the purchase date.

The tender offer will end at 11:59 p.m. ET on April 11.

Tendered notes may be withdrawn before the early tender deadline.

Windstream is planning $400 million of incremental term loans under its senior secured credit agreement, with proceeds to be used to refinance the 7 7/8% notes, according to a company press release.

The offer is conditioned on Windstream raising at least $350 million of proceeds from a new debt financing.

J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666) is the dealer manager. Ipreo LLC (888 593-9546 or 212 849-3880) is the information agent.

Windstream is a Little Rock, Ark.-based provider of advanced communications and technology solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.