Windstream begins tender offer, consent solicitation for 7% notes

By Angela McDaniels

Tacoma, Wash., Aug. 12 - Windstream Corp. began a tender offer for its $500 million of 7% senior notes due 2019, according to a company news release.

The company is also soliciting consents to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and some other provisions.

The company is offering $1,027.83 per $1,000 principal amount of notes. This includes a consent payment of $25.00 for each note tendered by 5 p.m. ET on Aug. 23, the early tender deadline.

Holders will also receive accrued interest up to but excluding the applicable settlement date.

The tender offer will end at 11:59 p.m. ET on Sept. 9.

The settlement date for notes tendered by the early tender deadline is expected to be Aug. 26.

The company plans to call for redemption any notes that are not tendered in the offer.

The completion of the tender offer is subject to financing and the receipt of enough consents to make the proposed amendments.

The lead dealer manager and solicitation agent is Goldman Sachs & Co. (800 828-3182 or 212 357-6436). BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and RBS Securities Inc. are co-dealer managers. The tender agent and information agent is D.F. King & Co., Inc. (800 697-6975 or, for banks and brokers, 212 269-5550).

Windstream provides network communications to businesses and broadband, phone and digital TV services to consumers primarily in rural areas. The company is based in Little Rock, Ark.

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