Windstream $1.25 Billion Exit Credit Facilities As Part of Chapter 11 Exit Financing
9/22/2020

Davis Polk advised the lead arrangers, and the administrative agent, in connection with (i) a $500 million super-senior secured revolving credit facility and a (ii) $750 million senior secured term loan facility for Windstream Services II, LLC (together with its subsidiaries and affiliates, “Windstream”). The facilities were entered into in connection with Windstream’s emergence from chapter 11 proceedings pursuant a plan of reorganization that was approved by the United States Bankruptcy Court for the Southern District of New York. The proceeds of the term loan facility, together with proceeds of $1.4 billion of senior secured notes issued on August 25th, 2020, will be used to fund distributions and pay certain fees, costs and expenses relating to Windstream’s emergence from chapter 11.

Windstream is a leading provider of advanced network communications and technology solutions for businesses across the Unites States. Windstream also offers broadband, entertainment and security solutions to consumers and small businesses primarily in rural areas in 18 states and supplies core transport solutions on a local and long haul fiber network spanning approximately 169,000 route miles.

The Davis Polk finance team included partner Kenneth J. Steinberg, counsel Darren Mahone and Sanders Witkow and associates Aviv Avnon and Jeff Najjar. The capital markets team included partner Marcel Fausten and associates Stephen A. Byeff and Stephen H. Karp. Partner Brian M. Resnick and associate Joanna McDonald provided restructuring advice. All members of the Davis Polk team are based in the New York office.