Windstream firms $590 million term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Nov. 26 - Windstream Corp. finalized pricing on its $590 million 51/2-year term loan at Libor plus 275 basis points, the wide end of the Libor plus 250 bps to 275 bps talk, according to sources.

Also, the original issue discount on the loan firmed at 991/2, the high end of the 99½ to 99¾ talk, sources said.

The loan still has a 0.75% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the bank on the deal.

Proceeds will be used to refinance an existing term loan B-3 due August 2019 that is priced at Libor plus 300 bps with a 1% Libor floor.

Windstream is a Little Rock, Ark.-based provider of advanced network communications, including cloud computing and managed services, to businesses.

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