Moody's assigns Windstream notes Ba3

Moody's Investors Service said it has assigned a Ba3 rating to Windstream Corp.'s proposed $600 million senior unsecured notes offering, that will be issued under the same indenture governing the 7 7/8% notes due 2017.

The company expects to use the net proceeds primarily to help fund the cash portion of the pending acquisitions of NuVox Inc. and Iowa Telecommunications Services, Inc., which, including the repayment of the target companies' outstanding debt will total over $1.3 billion, the agency added.

Moody's noted that combined with cash on hand and $500 million availability under its revolver, Windstream has sufficient liquidity to complete the acquisitions.

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