Windstream $1.4 billion senior secured first-lien notes offering
The high-yield notes are due 2031
Davis Polk advised the several initial purchasers in connection with a Rule 144A / Regulation S offering by Windstream Services, LLC and Windstream Escrow Finance Corp. of $1.4 billion aggregate principal amount of 8.250% senior secured first-lien notes due 2031. The notes are fully and unconditionally guaranteed on a senior secured basis by certain of the co-issuers’ direct and indirect wholly owned domestic subsidiaries. The notes offered are a reopening of the $800 million 8.250% senior secured first-lien notes due 2031 issued by the co-issuers on October 4, 2024.
Windstream provides fiber-based broadband to residential and small business customers in 18 states, managed cloud communications, networking and security services for mid-to-large enterprises and government entities across the United States, and customized wavelength and dark fiber solutions for carriers, content providers and hyperscalers in the United States and Canada. Windstream operates brands including Kinetic, Windstream Enterprise and Windstream Wholesale.
The Davis Polk capital markets team included partners Marcel Fausten and Stephen A. Byeff and associates Dennis Chu and Shukra Sabnis. Partner Kenneth J. Steinberg and counsel Darren Mahone provided finance advice. Partner Mario J. Verdolini and associate Alanna Phillips provided tax advice. Partner David R. Bauer provided intellectual property advice. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.