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

Stocks in this article: WIN

LITTLE ROCK, Ark., Sept. 10, 2013 (GLOBE NEWSWIRE) -- Windstream Holdings, Inc. (Nasdaq:WIN) announced today the final settlement of the previously announced tender offer and solicitation of consents by its wholly-owned subsidiary, Windstream Corporation (the "Company"), for any and all of the Company's outstanding 7.0% Senior Notes due 2019 (the "Notes"). The tender offer expired at 11:59 p.m., New York City time, on September 9, 2013 (the "Expiration Date"). The Company has been advised by the information agent that, as of the Expiration Date, a total of approximately $431.2 million aggregate principal amount of the outstanding Notes (representing approximately 86.2% of the $500.0 million aggregate principal amount of Notes outstanding prior to the commencement of the tender offer and consent solicitation) had been tendered, including the approximately $430.9 million aggregate principal amount of Notes previously accepted by the Company on August 26, 2013.

The Company previously announced the completion of its solicitation of consents for certain proposed amendments (the "Proposed Amendments") to eliminate substantially all of the restrictive covenants and certain other provisions contained in the indenture governing the Notes (the "Indenture"). As previously announced, the Company received the requisite consents to the Proposed Amendments and, as a result, entered into a supplemental indenture, dated as of August 26, 2013, to effect such Proposed Amendments.

Holders who properly tendered their Notes and did not validly withdraw after 5:00 p.m., New York City time, on August 23, 2013 and at or prior to the Expiration Date received $1,002.83 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 $68.8 million aggregate principal amount of Notes remain outstanding.

The Company has called for redemption all of the Notes that remain outstanding following consummation of the tender offer and consent solicitation at a price equal to 102.333% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of redemption, in accordance with the terms of the Indenture. Redemption of the Notes that remain outstanding is expected to occur on September 25, 2013.

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