LITTLE ROCK, Ark., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Windstream Corp. (Nasdaq:WIN) (the "Company") announced today the pricing of its previously announced tender offer and solicitation of consents for any and all of the outstanding $650 million aggregate principal amount of 8.875% Senior Secured Notes due 2017 issued by PAETEC Holding Corp., a wholly-owned subsidiary of the Company (the "Notes").
The Company's Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase"), dated January 8, 2013, more fully describes the terms of the Company's tender offer to purchase any and all of the Notes and the Company's consent solicitation to eliminate or modify certain restrictive covenants and other provisions contained in the indenture governing the Notes and to release all of the collateral securing obligations under the Notes.
As previously announced, holders of Notes who properly tender and do not withdraw their Notes and deliver their consents to the proposed amendments on or prior to 5:00 p.m., New York City time, on January 22, 2013, unless extended or earlier terminated (the "Early Tender Deadline"), will be eligible to receive the total consideration, which includes a consent payment equal to $30.00 per $1,000 principal amount of the tendered Notes.As set forth in the table below, the total consideration for the Notes was determined utilizing a fixed spread of 50 basis points over the bid-side yield on the 0.375% U.S. Treasury Note due June 30, 2013. The total consideration was determined today at 2:00 p.m., New York City time, based on a yield determined by the Treasury bid-side price reported on the Bloomberg Government Pricing Monitor Page BBT3. The detailed methodology for calculating the total consideration for validly tendered Notes is outlined in the Offer to Purchase, which is available from the Information Agent named below.
|CUSIP No.||Principal Amount Outstanding||Security Description||Fixed Spread||Reference Security||Reference Security Yield||Tender Offer Consideration (1)||Consent Payment (1)||Total Consideration (1)|
|695459AD9||$650,000,000||8.875% Senior Secured Notes due 2017||50 bps||0.375% U.S. Treasury Note due June 30, 2013||0.115%||$1,050.17||$30.00||$1,080.17|
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