Windstream amends exchange offers with new dates, rates

Windstream amends exchange offers with new dates, rates

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Windstream amends exchange offers with new dates, rates


Windstream amends exchange offers with new dates, rates

Windstream Holdings, Inc. (Nasdaq:WIN) announced today that its wholly-owned subsidiaries, Windstream Services, LLC (the “Issuer”) and Windstream Finance Corp. (together with the Issuer, the “Issuers”) are amending certain terms of each of its previously commenced offers to exchange (i) 7.75% senior notes due 2020 (“2020 Notes”) for new 9.375% senior second lien notes due 2024 (the “New 2024 Notes”) (the “2020 Exchange Offer”) and (ii) 7.75% senior notes due 2021, 7.50% senior notes due 2022, 7.50% senior notes due 2023, 6 3/8% senior notes due 2023 and 8.75% senior notes due 2024 (collectively, together with the 2020 Notes, the “Old Notes”) for new 9.00% senior second lien notes due 2025 (together with the New 2024 Notes, the “New Notes”) (the “Multi-Tranche Exchange Offers” and, together with the 2020 Exchange Offer, the “Exchange Offers”).

2020 Exchange Offer

The amendment of the 2020 Exchange Offer (i) extends the Early Tender Date and the Expiration Date to 11:59 p.m., New York City time, on July 26, 2018, (ii) increases the interest rate on the New 2024 Notes from 9.375% to 10.500% and makes corresponding changes to the optional redemption prices for the New 2024 Notes and (iii) revises the terms of the New 2024 Notes to provide that certain redemption premiums shall be payable in the event the New 2024 Notes are accelerated or otherwise become due prior to their stated maturity date, including as a result of certain bankruptcy events with respect to the Issuers and certain of their subsidiaries. All other terms and conditions of the 2020 Exchange Offer remain unchanged.  The specific terms of the amendment of the 2020 Exchange Offer will be set forth in a supplement to the applicable offering memorandum.

Multi-Tranche Exchange Offers

The amendment of each Multi-Tranche Exchange Offer extends the Early Tender Date and the Expiration Date for each Multi-Tranche Exchange Offer to 11:59 p.m., New York City time, on July 26, 2018. All other terms and conditions of each Multi-Tranche Exchange Offer remain unchanged.

Each Exchange Offer is a separate offer and, subject to applicable law, may be amended, extended, terminated or withdrawn, either as a whole, or with respect to one or more series of Old Notes, at any time and for any reason, including if any of the conditions described in the applicable offering document are not satisfied or waived by the applicable Expiration Date.

New Notes

Any New Notes issued pursuant to any of the foregoing transactions will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws. The New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

Ipreo LLC is acting as the Information and Exchange Agent for the Exchange Offers. Questions or requests for assistance related to the Exchange Offers and for additional copies of the offering documents may be directed to Ipreo LLC at (212) 849-3880 (collect) or (888) 593-9546 (toll-free). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold any of the notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Exchange Offers, before the deadlines specified herein and in the offering documents. The deadlines set by each clearing system for the submission of tender instructions will also be earlier than the relevant deadlines specified herein and in the offering documents.

None of the companies, their boards of directors, their officers, the lead dealer manager, the dealer managers, the information and tabulation agent, the collateral agent or the trustee with respect to the outstanding notes, or any of the companies’ or their respective affiliates, makes any recommendation that that holders tender any outstanding notes in response to the Exchange Offers, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to participate and, if so, the principal amount of outstanding notes to tender.

This press release is for informational purposes only. It shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange, any notes, nor shall there be any offer, solicitation or sale of any securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offers are being made solely pursuant to the offering documents. The Exchange Offers are not being made to holders of notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

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