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Windstream Announces Early Settlement Of Tender Offer And Consent Solicitation For Its 7.0% Senior Notes Due 2019

LITTLE ROCK, Ark., Aug. 26, 2013 (GLOBE NEWSWIRE) -- Windstream Corp. (Nasdaq:WIN) (the "Company") announced today the early settlement of its previously announced tender offer and solicitation of consents for any and all of the outstanding $500 million aggregate principal amount of 7.0% Senior Notes due 2019 (the "Notes").

As part of its previously announced tender offer, the Company solicited consents from the holders of the Notes for certain proposed amendments (the "Proposed Amendments") that would eliminate substantially all of the restrictive covenants and certain other provisions contained in the indenture governing the Notes (the "Indenture"). Adoption of the Proposed Amendments required consents from holders of a majority in aggregate principal amount of the outstanding Notes. The Company has received the requisite consents in the consent solicitation to execute a supplemental indenture to effect the Proposed Amendments pursuant to its Offer to Purchase and Consent Solicitation Statement, dated August 12, 2013 (the "Offer to Purchase").

As a result of receiving the requisite consents, the Company entered into a supplemental indenture, dated as of August 26, 2013, to the Indenture to effect the Proposed Amendments. The Proposed Amendments became effective upon entry into the supplemental indenture.

As of 5:00 p.m., New York City time, on August 23, 2013 (the "Early Tender Deadline"), approximately $430,936,000 aggregate principal amount of the outstanding Notes (representing approximately 86.2% of the outstanding Notes) had been tendered. The Company has exercised its option to accept for payment those Notes that were validly tendered at or prior to the Early Tender Deadline (the "Early Settlement"). Such Early Settlement occurred today concurrently with the closing of the Company's private offering of $500 million aggregate principal amount of 7.75% Senior Notes due 2021.

Holders of Notes who properly tendered, did not validly withdraw their Notes and delivered their consents to the Proposed Amendments on or prior to the Early Tender Deadline received the total consideration of $1,027.83 per $1,000 in principal amount of Notes, which included a consent payment equal to $25.00 per $1,000 principal amount of tendered Notes.

Stock quotes in this article: WIN 

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