LITTLE ROCK, Ark., Jan. 23, 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 $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"). 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 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. Adoption of the Proposed Amendments required consents from holders of a majority (and in certain cases, at least 66 ⅔%) 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, including the release of the collateral, pursuant to its Offer to Purchase and Consent Solicitation Statement, dated January 8, 2013 (the "Offer to Purchase"). As a result of receiving the requisite consents, the Company entered into a supplemental indenture, dated as of January 23, 2013, to the Indenture to effect the Proposed Amendments, including the release of the collateral. The Proposed Amendments, including the release of the collateral, became effective upon entry into the supplemental indenture. As of 5:00 p.m., New York City time, on January 22, 2013 (the "Early Tender Deadline"), approximately $583.3 million aggregate principal amount of the outstanding Notes (representing approximately 89.7% 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 $700 million aggregate principal amount of 6.375% Senior Notes due 2023.