Windstream Holdings Inc (NASDAQ:WIN) reported results of Windstream Services, LLC’s previously reported exchange offers pertaining to certain of its due senior notes. The early tender date for each of the firm’s Exchange Offers pertaining to its 7.75% senior notes payable 2021 and 7.5% senior notes payable 2022 and the Exchange Offer pertaining to its 7.5% senior notes payable 2023 was on December 11, 2017. Moreover, the withdrawal deadline pertaining to the 2021 and 2022 Exchange Offers has passed. Notes tendered for exchange following the 2021/2022 offer may not be authentically withdrawn, unless the firm decides in the imminent period in its sole discretion to allow withdrawal.
The details
As of the Early Tender Date, following the 2021 and 2022 Exchange Offers, Windstream had obtained from holders unrevoked and valid tenders of $537.636 million aggregate principal sum of 2021 Notes, representing around 86% of the due 2021 Notes, and $232.093 million aggregate principal sum of 2022 Notes, representing around 85% of the due 2022 Notes. The firm will approve for exchange all such tendered 2022 Notes and 2021 Notes in exchange for around $832.6 million total principal sum of new 8.75% senior notes payable 2024 on the Early Settlement Date, subject to the guidelines of the 2021 and 2022 Exchange Offers.
Windstream is even now offering to compensate the early exchange thought to all holders who genuinely tender 2022 Notes or 2021 Notes following the Early Tender Date and before the expiration date for these offers. Hence, the late exchange consideration following these offers is $1,085 and $1,075 principal sum of new 2024 Notes for per $1,000 principal sum of 2021 Notes and 2022 Notes, in that order.
In the last trading session, the stock price of Windstream jumped more than 5% to close the day at $2.17. The gains came at a share volume of 3.42 million compared to average share volume of 4.10 million.
