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Windstream wraps tender offer for up to $1.1 billion of 8 5/8% notes
By Susanna Moon
Chicago, March 30 - Windstream Corp. said that investors tendered $1,036,252,000 principal amount, or 59.4%, of its 8 5/8% senior notes due 2016 as of midnight ET on March 29, the expiration date.
The company said it settled the tendered notes on March 30.
Windstream began the cash tender offer on March 2 to purchase some of its $1,746,000,000 of 8 5/8% notes and on March 14 increased the maximum amount of notes it would buy in the offer to up to $1.1 billion from $600 million.
At 5 p.m. ET on March 11, investors had tendered about $1,036,000,000 of the notes.
Windstream paid $1,065 for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on March 11, which included an early tender fee of $30.00 per $1,000 principal amount. Holders who tendered after the early deadline did not receive the early tender payment.
Windstream also paid accrued interest up to but not including the settlement date.
The tender was funded with proceeds from Windstream's offering of senior notes due 2021, borrowings under its revolving credit facility and its $600 million issue of 7½% senior notes due 2023.
The company priced a downsized $450 million issue of 7¾% 10.5-year notes on March 14 at 99.116 to yield 7 7/8%.
Windstream said on March 18 that it increased its senior secured revolving credit facility to $1.25 billion from $750 million.
Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) and Wells Fargo Securities, LLC (866 309-6316 or collect at 704 715-8341) were the dealer managers for the tender offer. U.S. Bank NA is the depositary, and Global Bondholder Services Corp. (866 389-1500 or 212 430-3774) was the information agent.
Windstream is a Little Rock, Ark.-based communications and technology solutions provider.
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