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Windstream issues $1.78 million additional 8¾% notes to wrap exchange
By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Windstream Holdings, Inc. issued an additional $1.78 million of new 8¾% senior exchange notes due 2024 after the early settlement of the offer being held by its Windstream Services, LLC subsidiary, according to an 8-K filing with the Securities and Exchange Commission.
Specifically, at final settlement on Dec. 29, $1.7 million of additional new notes were issued in exchange for the issuer’s 7¾% senior notes due 2021, and $800,000 of new notes were issued in exchange for its 7½% senior notes due 2022.
As announced Nov. 28, Windstream was holding debt exchange offers in two parts, one that covered the issuer’s $120,344,000 of outstanding 7½% senior notes due 2023, the other for its $628,122,000 of outstanding 7¾% senior notes due 2021 and $273,674,000 of outstanding 7½% senior notes due 2022.
Investors had tendered $537,636,000 principal amount, or 86%, of the 7¾% senior notes due 2021 and $232,093,000 principal amount, or 85%, of 7½% senior notes due 2022 as of the early date, 5 p.m. ET on Dec. 11.
Windstream issued $832.6 million of the new 8¾% notes due 2024 on Dec. 13 to settle these early tenders.
The late exchange value for each $1,000 principal amount was $1,085 for the 2021 notes and $1,075 for the 2022 notes, which is same as the early exchange values, after the company increased the early exchange value in December.
Before the change, the exchange value per $1,000 principal amount was set to be $1,035.00 for the 2021 notes and $1,025 for the 2022 notes.
The exchange ended at 11:59 p.m. ET on Dec. 26.
Windstream also paid accrued interest in cash up to but excluding the settlement date.
Global Bondholder Services Corp. (866 807-2200, 212 430-3774 or http://gbsc-usa.com/eligibility/Windstream) is information and exchange agent for the exchange offers and information and tabulation agent for the consent solicitations.
Windstream is a Little Rock, Ark.-based networking and telecommunications company.
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