US telco Windstream announced on Monday that it would increase the maximum amount of its recent senior notes that it is looking to acquire in a cash tender offer to US$1.1bn.
Windstream originally announced the cash tender offer on 2 March, when it said…
US telco Windstream announced on Monday that it would increase the maximum amount of its recent senior notes that it is looking to acquire in a cash tender offer to US$1.1bn.
Windstream originally announced the cash tender offer on 2 March, when it said that it was looking to purchase up to US$600m of its outstanding 8.625% senior notes due in 2016.
It said in its statement on Monday that a total of over US$1bn in outstanding notes had already been tendered in the offer.
The offer, which would expire on 29 March, is being arranged by Citigroup and Wells Fargo. The US Bank National Association is serving as the depository and Global Bondholder Services Corporation is the information agent for the tender offer.
Windstream also announced a private offering yesterday.
It is a private placement of US$450m of 7.75% senior notes due in 2021, priced at 99.116 to yield 7.875%.
Windstream said that the proceeds of this placement, as well as an earlier placement of 7.50% senior notes due 2023, its revolving line of credit and cash in hand, would be used to pay the consideration of its tender offer.
The proceeds would also go on accrued and unpaid interest on the 2016 notes that were tendered and accepted in the tender offer.
