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Windstream Services calls 8 1/8% notes; Paetec calls 9 7/8% notes
By Susanna Moon
Chicago, April 24 – Windstream Holdings, Inc. said wholly owned subsidiaries Windstream Services, LLC and Paetec Holding, LLC have called two series of notes for redemption on May 27.
Windstream is calling its $400 million outstanding principal amount of 8 1/8% senior notes due 2018 at $1,040.63 per $1,000 principal amount, according to a company notice.
Paetec is calling its $450 million outstanding principal amount of 9 7/8% senior notes due 2018 at $1,049.38 per $1,000 principal amount.
Holders also will receive accrued interest to but excluding the redemption date.
U.S. Bank NA is the trustee.
Windstream spinoff
Windstream Holdings also said it completed the tax-free spinoff of some telecommunications network assets into Communications Sales and Leasing, Inc., an independent publicly traded real estate investment trust.
"Today's successful spinoff will significantly advance our commitment to deliver value for shareholders," Tony Thomas, president and chief executive officer of Windstream, said in a separate company press release.
"This innovative transaction has made Windstream a stronger company with less debt and increased capacity to invest in our network to provide advanced communication services to customers.”
Windstream is a Little Rock, Ark.-based provider of advanced communications and technology solutions.
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