US telco Windstream announced yesterday the pricing of its US$600m private placement of 7.5% senior notes due in 2023.
The notes have been priced at 100 to yield 7.5%.
The company expects the placement to be completed on 16 March.
Windstream said that…
US telco Windstream announced yesterday the pricing of its US$600m private placement of 7.5% senior notes due in 2023.
The notes have been priced at 100 to yield 7.5%.
The company expects the placement to be completed on 16 March.
Windstream said that it expects to use the proceeds of this placement, as well as its revolving credit facility, to pay the cash consideration for its tender offer to buy up to US$600m of its outstanding 8.625% notes due in 2016.
The tender offer for this outstanding debt is expected to expire on 29 March. Windstream is advised by Citigroup and Wells Fargo.
Arkansas-based Windstream, which provides internet, digital TV and telephony services in 29 US states, completed its US$818m acquisition of the regional fibre provider Q-Comm in December 2010.
It carried out another private placement worth US$200m in January. At the time, it said that the proceeds of this placement would pay the consideration of US$400m in 7.75% senior notes due in 2015.
The company released its 2010 results in February.
Across the group, including subsidiaries, revenue was US$4.1bn, down 2% from a year before.
OIBDA (operating income before depreciation and amortisation) was US$1.98bn, which represented a 2% increase year-on-year.
