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Windstream launches $590 million term B-3 at Libor plus 250-275 bps
By Sara Rosenberg
New York, Nov. 20 - Windstream Corp. held a call at 2 p.m. ET on Wednesday to launch a $590 million 51/2-year term loan B-3 that is talked at Libor plus 250 basis points to 275 bps with a 0.75% Libor floor and an original issue discount of 99½ to 993/4, according to sources.
The loan has 101 soft call protection for six months, sources said.
J.P. Morgan Securities LLC is the bank on the deal.
Proceeds will be used to refinance an existing term loan B-3 due August 2019 that is priced at Libor plus 300 bps with a 1% Libor floor.
Windstream is a Little Rock, Ark.-based provider of advanced network communications, including cloud computing and managed services, to businesses.
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