Windstream launches $750 million term loan B at Libor plus 625 bps

By Sara Rosenberg

New York, Aug. 6 – Windstream Holdings Inc. held a lender call at 1 p.m. ET on Thursday to launch a $750 million exit financing term loan B (B3) that is talked at Libor plus 625 basis points with a 1% Libor floor and an original issue discount of 96, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Truist Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the leads on the deal.

Commitments are due at noon ET on Monday, the source added.

Proceeds will be used with a new revolving credit facility, $1.4 billion of senior first-lien notes and cash on hand to fund the repayment of a superpriority secured debtor-in-possession facility, fund other distributions provided for under the bankruptcy plan, and pay related fees and expenses.

Windstream is a Little Rock, Ark.-based provider of advanced network communications and technology solutions. The company filed bankruptcy on Feb. 25, 2019 under Chapter 11 case number 19-22312.

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