trending Market Intelligence /marketintelligence/en/news-insights/trending/0s5XO60WA3ZV9bSOI-2Eqg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Windstream Services closes $600M incremental term loan


Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

TMT News & Research: 2020 Recap

Quibi's $2 billion bet on mobile video fizzles out

Cable nets struggle with cash flow declines due to cord cutting, pandemic

Windstream Services closes $600M incremental term loan

Windstream ServicesLLC, a subsidiary of WindstreamHoldings Inc., closed a $600 million incremental term loan under itsexisting senior credit facilities.

Proceeds from the loan will go to repay certain of Windstream's7.875% senior notes due 2017 and other outstanding debt, according to a March 29news release.

Windstream Services also repurchased about $441.1 million ofthe 7.875% senior notes due 2017 issued by Windstream Services and Windstream FinanceCorp. for total consideration of roughly $477.5 million plus accrued interest. WindstreamServices also raised the maximum aggregate principal amount of notes it may purchasein the tender offer to $441.1 million from $350 million. Windstream Services acceptedpayment for all notes tendered validly and not validly withdrawn before the earlytender deadline of 5 p.m. EST on March 28, 2016. The aggregate principal amountis $441.1 million, representing 54.4% of outstanding notes. Following the repurchase,$369.5 million in aggregate principal amount of the notes are outstanding.

Windstream Services accepted payment for the maximum amount ofnotes contemplated by the tender offer and no additional notes will be acceptedin the tender offer.

Windstream has engaged J.P. Morgan Securities LLC as dealer managerfor the tender offer, which is set to expire April 11, unless extended.