Windstream Holdings Inc. on Dec. 12 reported certain results of Windstream Services LLC's previously announced exchange offers with respect to certain of its outstanding senior notes.
The early tender date for each of the company's exchange offers with respect to its 7.75% senior notes due 2021 and 7.50% senior notes due 2022 and the exchange offer with respect to its 7.50% senior notes due 2023 was 5 p.m. ET on Dec. 11. The withdrawal deadline with respect to the 2021/2022 exchange offers has expired. Notes tendered for exchange pursuant to the 2021/2022 exchange offers may not be validly withdrawn, unless the company determines in the future in its sole discretion to permit withdrawal.
As of the early tender date, the company received from holders valid and unrevoked tenders of about $537.6 million of 2021 notes, representing about 86% of the outstanding 2021 notes, and about $232.1 million of 2022 notes, representing about 85% of the outstanding 2022 notes. The company will accept for exchange all such tendered 2021 notes and 2022 notes in exchange for about $832.6 million of new 8.75% senior notes due 2024 on the early settlement date, subject to the terms of the 2021/2022 exchange offers.
The company is also now offering to pay the early exchange consideration to all holders who validly tender 2021 notes or 2022 notes after the early tender date and before the expiration date for the 2021/2022 exchange offers. As a result, the late exchange consideration pursuant to the 2021/2022 exchange offers is $1,085 and $1,075 principal amount of new 2024 notes for each $1,000 principal amount of 2021 notes and 2022 notes, respectively.
As of the early tender date, pursuant to the 2023 exchange offer, the company received from holders valid and unrevoked tenders of about $68.2 million of 2023 notes, representing about 57% of the outstanding 2023 notes.
The 2023 exchange offer is conditioned upon, among other things, a minimum of $90 million of 2023 notes being validly tendered at or before the expiration date and accepted in the 2023 exchange offer, subject to the company's right at any time to waive this condition in its sole discretion, without extending the applicable withdrawal deadline or otherwise reinstating withdrawal rights, subject to applicable law. The withdrawal deadline for the 2023 exchange offer is being extended to the earlier of the first settlement date or the expiration date for the 2023 exchange offer.
The company is also now offering to pay the early exchange consideration to all holders who validly tender 2023 notes after the early tender date and before the expiration date for the 2023 exchange offer. As a result, the late exchange consideration pursuant to the 2023 exchange offer is $1,075 principal amount of new 6.375% notes for each $1,000 principal amount of 2023 notes.
Windstream Services will settle all 2021 notes and 2022 notes that have been validly tendered by the early tender date and accepted for exchange on the early settlement date. The early settlement date for the 2021/2022 exchange offers is expected to occur on or after Dec. 13. The expiration date of each of the exchange offers remains 11:59 p.m. ET on Dec. 26.
Global Bondholder Services Corp. is acting as the information and exchange agent for the exchange offers.
