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Windstream ups term B-6 to $750 million, flexes to Libor plus 400 bps
By Sara Rosenberg
New York, Sept. 19 – Windstream Services LLC upsized its term loan B-6 to $750 million from roughly $699 million and reduced pricing to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.
Also, the issue price on the term loan was tightened to par from 99.75, the source said.
The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance an existing term loan B-6, to pay down some notes, to pay down revolver borrowings and for other general corporate purposes.
Windstream is a Little Rock, Ark.-based provider of network communications and technology solutions.
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