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Windstream to redeem 8 5/8% notes with proceeds from $500 million bonds
By Tali David
Minneapolis, Nov. 7 - Windstream Corp. said it plans to use the proceeds from a proposed $500 million senior note offering to redeem the $201.5 million principal amount of its outstanding 8 5/8% senior notes due 2016.
Remaining proceeds will be used to repay amounts that Windstream has borrowed under its revolving credit facility.
Assuming consummation of the company's pending acquisition of Paetec Holding Corp., which, subject to regulatory approval, is expected to close by the end of 2011, Windstream said it intends to use borrowings under its revolving credit facility to repurchase the $300 million in principal amount of Paetec's outstanding 9½% senior notes due 2015.
Windstream is a Little Rock, Ark.-based communications and technology solutions provider.
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