| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Windstream increases tender offer for 8 5/8% notes to $1.1 billion
By Melissa Kory
Cleveland, March 14 - Windstream Corp. announced that it increased the maximum amount of 8 5/8% senior notes due 2016 that it will purchase in its previously announced tender offer to $1.1 billion from $600 million.
Windstream began the cash tender offer for its $1,746,000,000 of 8 5/8% notes on March 2. The offer is expected to expire at midnight ET on March 29.
As of 5 p.m. ET on March 11, about $1,036,000,000 of the notes had been tendered.
The company will pay $1,065 for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on March 11.
The total payment includes an early tender fee of $30 per $1,000 principal amount. Holders who tender after the early deadline will not receive the early tender payment.
Windstream also will pay accrued interest up to but not including the settlement date, which is expected to be March 30.
If the amount of tendered notes exceeds the offer cap, the notes purchased will be prorated.
The tender is being funded with proceeds from Windstream's planned offering of $500 million of fixed-rate senior notes due 2021, borrowings under its revolving credit facility and its $600 million issue of 7½% senior notes due 2023.
Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) and Wells Fargo Securities, LLC (866 309-6316 or collect at 704 715-8341) are the dealer managers for the tender offer. U.S. Bank NA is the depositary, and Global Bondholder Services Corp. (866 389-1500 or 212 430-3774) is the information agent.
Windstream is a Little Rock, Ark.-based communications and technology solutions provider.
© 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.