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Windstream Spinoff CS&L to Begin Trading on Monday

1 min read

Windstream Holdings Inc. of Little Rock officially spun off its real estate and copper assets late Friday into a real estate investment trust whose shares will begin trading publicly on Monday.

Communications Sales & Leasing Inc. will be listed on the Nasdaq exchange under the ticker symbol CSAL. And it will immediately join the S&P 400 Midcap Index.

The REIT was originally announced last July, before the sudden departure of Windstream CEO Jeffery Gardner in December. The spinoff was delayed slightly; it was originally expected to be completed in the first quarter. 

“We are excited today to launch our new company, Communications Sales & Leasing,” President and CEO Kenny Gunderman said in a news release announcing the spinoff. “We have assembled a leadership team with deep experience in telecommunications, REITs, capital markets and mergers and acquisitions. We look forward to growing our company and generating solid returns for shareholders.”

Under previously announced terms, Windstream distributed approximately 80.1 percent of CS&L shares to investors who bought Windstream stock by the closing bell on Friday.

Windstream shareholders retained their Windstream shares and received one share of CS&L for every five shares of Windstream held, according to the announcement. Shares should be deposited into shareholders’ accounts by April 30, and any fractional shares will be paid for in cash.

Click here to read the complete announcement.

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