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Windstream $2.5 billion two-part note offering expected this month via Merrill Lynch, JP Morgan
By Paul A. Harris
St. Louis, June 2 - Windstream Corp. is expected to launch an approximately $2.5 billion two-tranche senior notes transaction (Ba3//BB+) in mid-to-late June, according to a market source.
Merrill Lynch & Co. and JP Morgan will be joint bookrunners.
The company is expected to offer $1.703 billion of 10-year notes and $800 million of shorter maturity notes.
Proceeds, along with a $2.9 billion senior secured credit facility, will be used to fund the acquisition by Valor Communications of Alltel's fixed line wireless business.
The merger of Valor and Alltel (which will change its name to Windstream) will create the leading rural-focused wire line telecommunications company, which will have headquarters in Little Rock, Ark.
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