Davis Polk advised Citigroup Global Markets Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., RBC Capital Markets, LLC and RBS Securities Inc. as joint book-running managers on a Rule 144A/Regulation S offering of $600 million aggregate principal amount of 7.50% senior notes due 2023 by Windstream Corporation. Advice is also being provided to Citigroup Global Markets Inc. and Wells Fargo Securities, LLC as joint dealer managers of a tender offer by Windstream Corporation to purchase outstanding notes previously issued by Windstream. The tender offer will be funded in part with the proceeds of the notes offering.

Based in Little Rock, Arkansas, Windstream is one of the largest providers of telecommunications services in rural communities in the United States and provides phone, high-speed Internet and digital television services to customers in 29 states. The company also offers a wide range of IP-based voice and data services and advanced phone systems and equipment to businesses and government agencies. The company has approximately 3.3 million access lines and about $3.7 billion in annual revenues. 

The Davis Polk capital markets team included partner Michael Kaplan and associates Peter E. Devlin and Robert F. Young (not yet admitted). Partner Michael Farber and associate Brian Radigan provided tax advice. Counsel Betty Moy Huber provided environmental advice. Natalie Chan was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.