Windstream tender for 7 7/8% notes oversubscribed at early deadline

By Angela McDaniels

Tacoma, Wash., March 29 – Windstream Holdings, Inc. subsidiary Windstream Services, LLC increased the maximum principal amount of notes it may purchase in the tender offer for the 7 7/8% senior notes due 2017 issued by Windstream Services and Windstream Finance Corp. to $441,096,000 from $350 million, according to a company news release.

Holders had tendered $441,096,000 principal amount, or 54.4%, of the $810,565,000 outstanding notes as of 5 p.m. ET on March 28, the early tender deadline.

Windstream Services will accept these notes for payment on March 29, and no additional notes will be accepted in the tender offer.

Holders will receive $1,082.50 for each $1,000 principal amount of notes, which includes a $30.00 early tender payment.

The company also will pay accrued interest up to but excluding the purchase date.

The tender offer began March 14 and expires at 11:59 p.m. ET on April 11.

Windstream expects to fund the tender offer with the proceeds of an incremental term loan under its senior secured credit facility. The offer is conditioned on Windstream raising at least $441,096,000 of proceeds from a new debt financing.

The dealer manager is J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666). The information agent is Ipreo LLC (888 593-9546 or 212 849-3880).

Windstream is a Little Rock, Ark.-based provider of advanced communications and technology solutions.

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