Windstream gets tenders for $431.2 million 7% notes, calls remainder

By Angela McDaniels

Tacoma, Wash., Sept. 10 - Windstream Holdings, Inc. said holders tendered about $431.2 million principal amount, or 86.2%, of subsidiary Windstream Corp.'s $500 million 7% senior notes due 2019.

A tender offer for the notes began Aug. 12 and ended at 11:59 p.m. ET on Sept. 9. The early tender deadline was 5 p.m. ET on Aug. 23.

As previously reported, holders had tendered $430,963,000 principal amount, or 86.2%, of the notes as of the early tender deadline.

The company solicited consents to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and some other provisions. The amends are now effective.

The company offered $1,027.83 per $1,000 principal amount of notes, including a consent payment of $25.00 for each note tendered by the early tender deadline.

Holders also received accrued interest up to but excluding the applicable settlement date, which was Aug. 26 for notes tendered by the early tender deadline and Sept. 10 for notes tendered after that time.

The company has called the remaining $68.8 million of notes for redemption. They will be redeemed at 102.333% of par plus accrued interest on Sept. 25.

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

The lead dealer manager and solicitation agent was 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. were co-dealer managers. The tender agent and information agent was 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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