- Just ahead of an expected completion of its spinoff from Windstream Holdings (WIN), Communications Sales & Leasing (CSAL) prices billions in debt -- proceeds from which will fund a dividend as part of its separation as a REIT.
- The company priced $400M in senior secured notes at 6% and $1.11B in unsecured notes at 8.25%. It also priced $2.14B in a term loan facility and $500M in a senior secured revolving credit facility.
- Loans under the credit facilities will bear interest at either a base rate plus margin equal to 3% or a eurodollar rate plus margin equal to 4%.
- Notes are being sold by securityholders who will get them from Windstream Services. The transactions are expected to close along with the spinoff on April 24.
- Previously: Windstream REIT spinoff issuing $1.65B in senior notes (Apr. 08 2015)
- Previously: Bloomberg: Windstream REIT spinoff seeking $3.65B in financing (Apr. 01 2015)