by Luke Jones
Posted 1/8/2013 09:15 am
Updated 4 months ago
Windstream Corp. of Little Rock on Tuesday announced it is taking steps to refinance its $1.1 billion debt due this year.
This includes the following actions, according to a news release:
- Windstream is seeking to borrow $300 million in term loans under its senior secured credit to refinance existing loans maturing in July.
- The company may dip into its $1.25 billion in undrawn revolving credit to repay $800 million in senior notes that mature later this year.
- A private placement of $700 million in senior notes, maturing in 2023, is intended to help fund a cash purchase of $650 million of Paetec Holding Corp. senior notes due 2017. Windstream acquired Paetec in 2011.
"Collectively, the debt transactions announced today improve our liquidity position and lower our cost of capital, positioning us very well from a balance sheet perspective as we enter 2013," Windstream's CFO, Tony Thomas, said in the news release.