Windstream to launch $580 million first-lien term loan on Wednesday

By Sara Rosenberg

New York, Jan. 31 – Windstream Services LLC is scheduled to hold a lender call at 10 a.m. ET on Wednesday to launch a $580 million seven-year first-lien term loan, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead bank on the deal.

Price talk on the term loan is Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99.5, the source said.

The term loan has 101 soft call protection for six months.

Covenants include maximum total leverage and minimum interest coverage ratios.

Expected term loan ratings are B1/BB.

Proceeds will be used to refinance an existing term loan.

Commitments are due at 5 p.m. ET on Feb. 7, the source added.

Windstream is a Little Rock, Ark.-based provider of advanced communication and broadband, phone and digital TV services.

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