As Windstream (Nasdaq: WIN) moves closer to completing its acquisition of PAETEC (Nasdaq: PAET), it is going to issue a $500 million offering of private senior notes.
Set to be completed before the end of November, the notes will mature in 2022.
The independent ILEC will use the proceeds of the offering to redeem the $300 million aggregate principal amount of its outstanding 8.625 percent senior notes that are due in 2016, and to repay what it borrowed from its revolving credit facility.
If the service provider's acquisition of PAETEC is completed as planned at the end of this year, it will use borrowings under its revolving credit facility to repurchase the $300.0 million aggregate principal amount of PAETEC's outstanding 9.5 percent senior notes due in 2015.
- see the release
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