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S&P assigns BB to Windstream Services term loan
Standard & Poor’s said it assigned its BB issue-level rating and 1 recovery rating to Windstream Holdings Inc.’s proposed $400 million senior secured term loan B-6 due 2021 to be issued out of wholly owned subsidiary Windstream Services, LLC.
The 1 recovery rating indicates an expectation for very high (90%-100%) recovery in the event of payment default.
S&P said it expects that net proceeds from the term loan will be used to repay a portion of its existing senior unsecured notes due in 2017.
“Our B+ corporate credit rating and stable outlook are not affected by the transaction since we expect it to be leverage-neutral, despite some modest interest cost savings,” S&P said in a news release.
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