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Windstream to repay revolver debt with senior notes proceeds
By Sara Rosenberg
New York, Nov. 7 - Windstream Corp. intends to pay down borrowings under its revolving credit facility using some proceeds from a $500 million senior notes offering, according to a market source.
Remaining proceeds will be used to redeem the company's 8 5/8% senior notes due 2016.
If the company completes its pending acquisition of Paetec Holding Corp., a Fairport, N.Y.-based competitive local exchange carrier and provider of telecommunications services, it will use revolver borrowings to repurchase Paetec's $300 million 9½% senior notes due 2015, the source added.
Windstream is a Little Rock, Ark.-based communications and technology services provider.
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