Windstream planned REIT, Communications Sales & Leasing (CS&L), has priced its previously announced US$400m offering of 6.00% senior secured notes and US$1.11bn issue of 8.25% senior unsecured notes at par and at 97.055% respectively.The company also…
Windstream planned REIT, Communications Sales & Leasing (CS&L), has priced its previously announced US$400m offering of 6.00% senior secured notes and US$1.11bn issue of 8.25% senior unsecured notes at par and at 97.055% respectively.
The company also priced a US$2.14bn senior secured term loan B facility and a US$500m senior secured revolving credit facility, carrying either a base rate interest plus an applicable margin equal to 3.00% or a eurodollar rate plus an applicable margin equal to 4.00%.
The notes offerings and the facilities are expected to close on 24 April, 2015, subject to customary conditions and completion of the REIT spinoff.
Last month, Windstream’s board gave final approval for the tax-free spinoff of CS&L, which will hold a significant amount of its network assets, in what could be a game-changing structure for telcos.
