New Issue: Windstream Regatta's $210.5 million 10-year notes yield 11%

By Paul A. Harris

St. Louis, Nov. 14 - Windstream Regatta Holdings, Inc. priced a $210.5 million issue of 10-year senior subordinated notes (B2/B-) at par to yield 11% on Wednesday, according to a market source.

JPMorgan, Merrill Lynch & Co. and Lehman Brothers were joint bookrunners for the quick-to-market Rule 144A deal.

Proceeds will be used to finance the purchase of Windstream Yellow Pages by investment funds of Welsh, Carson, Anderson and Stowe and for general corporate purposes.

The issuer is a Little Rock, Ark., publisher of yellow pages directories.

Issuer:	Windstream Regatta Holdings Inc.
Amount:	$210.5 million
Maturity:	Dec. 1, 2017
Security description:	Senior subordinated notes
Bookrunners:	JPMorgan, Merrill Lynch & Co., Lehman Brothers
Coupon:	11%
Price:	Par
Yield:	11%
Spread:	672 bps
Call features:	Callable on Dec. 1, 2012 at 105.50, 103.667, 101.833, par on and after Dec. 1, 2015
Trade date:	Nov. 14
Settlement date:	Nov. 30
Ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A

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