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Windstream Announces Completion Of Its Tender Offer And Consent Solicitation For 8.875% Senior Secured Notes Due 2017 Issued By PAETEC Holding Corp.

LITTLE ROCK, Ark., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Windstream Corp. (Nasdaq:WIN) (the "Company") announced today the final settlement of its previously announced tender offer and solicitation of consents for any and all of the outstanding 8.875% Senior Secured Notes due 2017 (the "Notes") issued by PAETEC Holding Corp. ("PAETEC"), a wholly-owned subsidiary of the Company. The tender offer expired at midnight, New York City time, on February 5, 2013 (the "Expiration Date"). The Company has been advised by the information agent that as of the Expiration Date, a total of approximately $588.5 million aggregate principal amount of the outstanding Notes (representing approximately 90.5% of the $650.0 million aggregate principal amount of Notes outstanding prior to the commencement of the tender offer and consent solicitation) had been tendered, including the approximately $583.3 million aggregate principal amount of Notes previously accepted by the Company on January 23, 2013.

The Company previously announced the completion of its solicitation of consents for certain proposed amendments (the "Proposed Amendments") to eliminate or modify certain restrictive covenants and other provisions contained in the indenture governing the Notes (the "Indenture") and to release all of the collateral securing obligations under the Notes. As previously announced, the Company received the requisite consents to the Proposed Amendments, including the release of the collateral, and, as a result, entered into a supplemental indenture, dated as of January 23, 2013, to effect such Proposed Amendments.

Holders of Notes who properly tendered after 5:00 p.m., New York City time, on January 22, 2013 and at or prior to the Expiration Date received $1,050.17 per $1,000 in principal amount of Notes, plus accrued and unpaid interest from the last interest payment date to, but not including, the final settlement date, which occurred today. Following the completion of the tender offer, approximately $61.5 million aggregate principal amount of Notes remain outstanding.

Stock quotes in this article: WIN 

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