Uniti Grp. Inc. (UNIT)

[value1008]

This news from around midnight is evidently much liked by the market, hence the pre-mkt jump in pps. As someone posted over on one of those endless comment streams at S.Alpha:

Looks like they are not only intending to extend maturity but also get those bondholders together to agree to waive the default issue, which would checkmate Aurelius no?


http://bit.ly/2zAgNAH

Windstream announces Debt Exchange Offers and Consent Solicitations


Wed October 18, 2017 11:59 PM|GlobeNewswire|About: WIN
LITTLE ROCK, Ark., Oct. 18, 2017 (GLOBE NEWSWIRE) -- Windstream Holdings, Inc. (WIN) announced today commencement of certain debt exchange offers and consent solicitations with respect to senior notes issued by Windstream Services, LLC (the “Company”).

2022/2023 Exchange Offers

The Company is offering to exchange any and all of its 7.50% senior notes due 2022 (the “2022 Notes”) and 7.50% senior notes due 2023 (the “2023 Notes”) for new 6 3/8% senior notes due 2023 (the “New 6 3/8% Notes”) (the “2022/2023 Exchange Offers”). The 2022/2023 Exchange Offers will expire at 11:59 p.m., New York City time, on Nov. 14, 2017, unless extended. Tenders must be made before the 2022/2023 Exchange Offers expire and may be withdrawn at any time prior to 5:00 p.m., New York City time, on Oct. 31, 2017. The early tender date for the 2022/2023 Exchange Offers is 5:00 p.m., New York City time, on Oct. 31, 2017.

Subject to the tender acceptance procedures described in the applicable offering memorandum: (i) for each $1,000 principal amount of 2022 Notes and 2023 Notes tendered at or prior to the early tender date, accepted for exchange and not validly withdrawn, eligible holders of 2022 Notes and 2023 Notes will be eligible to receive the applicable early exchange consideration set forth in the table below; and (ii) for each $1,000 principal amount of 2022 Notes and 2023 Notes tendered after the early tender date and accepted for exchange, eligible holders of 2022 Notes and 2023 Notes will be eligible to receive the applicable late exchange consideration set forth in such table........."

"Consent Solicitations

The Company has launched consent solicitations with respect to the 2020 Notes, 2021 Notes, 2022 Notes and 2023 Notes (the “Other Notes Consent Solicitations”) seeking consents from noteholders of each such series of notes to waive certain alleged defaults with respect to transactions related to the spin-off of Uniti Group, Inc. (the “Spin-Off”) and amend indentures governing these notes to give effect to such waivers and amendments (the “Proposed Waivers and Amendments”). The Other Notes Consent Solicitations require consent from holders representing a majority of the outstanding aggregate principal amount of each series of notes. If the requisite consents from holders of a series of notes are received and the consents become effective, the company will make a consent payment of $2.50 per $1,000 principal amount of the applicable series of notes to holders who validly deliver (and do not validly revoke) their consent on or prior to 5:00 p.m., New York City time, on Oct. 24, 2017, unless extended.

The Company has launched a consent solicitation with respect to its existing 6 3/8% senior notes due 2023 (the “Existing 6 3/8% Notes”) and the New 6 3/8% Notes (collectively, the “6 3/8% Notes”) (the “6 3/8% Notes Consent Solicitation”) seeking consents from noteholders to the Proposed Waivers and Amendments. The 6 3/8% Notes Consent Solicitation requires consent from holders representing a majority of the outstanding aggregate principal amount of the 6 3/8% Notes. If the requisite consents are received and the consents become effective, the company will make a consent payment to holders who validly deliver (and do not validly revoke) their consent on or prior to 5:00 p.m., New York City time, on Nov. 2, 2017, unless extended. Holders of the 6 3/8% Notes who validly submit their consents prior to 5 p.m., New York City time, on Oct. 24, 2017 will receive a consent payment of $2.50 per $1,000 principal amount of 6 3/8% Notes, and Holders of the 6 3/8% Notes who validly submit their consents after 5 p.m., New York City time, on Oct. 24, 2017 but prior to 5:00 p.m., New York City time, on Nov. 2, 2017 will receive a consent payment of $2.00 payment per $1,000 principal amount of 6 3/8% Notes,.

The Company denies that any alleged default has occurred and has filed a complaint seeking a judicial declaration that there has been no default in connection with the Spin-Off and related transactions.....