WASHINGTON (dpa-AFX) - Windstream Corp. (WIN) announced the pricing of a private placement of $700 million aggregate principal amount of 6.375% senior unsecured notes due August 1, 2023, at an issue price of 100.00% to yield 6.374%. The offering is expected to settle on January 23, 2013.
Windstream said it intends to use the net proceeds of the offering, together with available cash, if required, to pay the consideration for the tender offer and consent solicitation announced by Windstream to purchase for cash 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 Windstream.
To the extent that holders of less than $650 million in aggregate principal amount of the PAETEC Notes tender their notes, Windstream stated that it intends to use the remaining net proceeds of the notes offering to either redeem all or a portion of the remaining outstanding PAETEC Notes or for general corporate purposes.
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