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Windstream upsizes term loans, redeems 2017 senior notes

Sep. 30, 2016 6:16 PM ETWindstream Holdings, Inc. (WINMQ) StockWINMQBy: Jason Aycock, SA News Editor4 Comments
  • Windstream Holdings (WIN -2.6%) has finished redeeming its outstanding 7.875% senior notes due 2017, it says, and has taken the opportunity to upsize its term loans.
  • Under its existing senior secured credit agreement, the company has raised the principal amount of tranche B-6 term loans to $747M from a previous $597M, cutting the interest rate by 100 basis points (to Libor plus 4% per year, minimum Libor 0.75%).
  • Proceeds from the $150M incremental loans were used along with its revolving credit to retire $369M in principal of the 2017 notes.
  • “As a result of our debt reduction and refinancing activities, we have no maturities until 2019 and have significantly improved 2017 cash interest expectations to approximately $325 million," says Windstream's treasurer, Christie Grumbos.

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