By Paul A. Harris
Portland, Ore., Aug. 12 - Windstream Corp. priced a $500 million add-on to its 7¾% senior notes due Oct. 1, 2021 (existing ratings B1/B) at 103.5 to yield 7.171% on Monday, according to market sources.
The reoffer price came on top of price talk.
Goldman Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets, RBC Capital Markets and RBS Securities were the joint bookrunners for the quick-to-market deal.
Proceeds, together with available cash, if required, will be used to take out the 7% senior notes due 2019.
Windstream is Little Rock, Ark.-based communications and technology company.
| Issuer: | Windstream Corp.
|
| Face amount: | $500 million
|
| Proceeds: | $518 million
|
| Maturity: | Oct. 1, 2021
|
| Security description: | Add-on to the 7¾% senior notes due Oct. 1, 2021
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets, RBC Capital Markets, RBS Securities
|
| Coupon: | 7¾%
|
| Price: | 103.5
|
| Yield: | 7.171%
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 26
|
| Existing ratings: Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 103.5
|
| Marketing: | Quick to market
|
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