Windstream 2011 Annual Report Download - page 162

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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Letters of credit are deducted in determining the total amount available for borrowing under the revolving line of credit.
Accordingly, the total amount outstanding under the letters of credit and the indebtedness incurred under the revolving line of
credit may not exceed $1,250.0 million.
The variable interest rate on our revolving line of credit ranged from 1.52 percent to 4.50 percent, and the weighted average
rate on amounts outstanding was 2.54 percent during 2011, as compared to variable interest rates during 2010 which ranged
from 1.51 percent to 2.61 percent with a weighted average rate on amounts outstanding of 2.45 percent. Effective April 27,
2011, all $1,250.0 million available under the revolving line of credit will expire December 17, 2015.
Debentures and notes, without collateral
2013 Notes - The 8.125 percent Senior Notes, issued in July 2006 in the aggregate principal amount of $800.0 million, are due
August 1, 2013 (the "2013 Notes"). Interest on the notes is payable semi-annually.
2016 Notes - The 8.625 percent Senior Notes, issued in July 2006 in the aggregate principal amount of $1,746.0 million are
due August 1, 2016 (the "2016 Notes"). Interest on the notes is payable semi-annually.
On March 30, 2011, we accepted the tender of and subsequently retired $1,036.3 million of our outstanding 8.625 percent
Senior Notes due 2016 (the “2016 Notes”), in relation to our tender offer announced on March 2, 2011, and amended on
March 14, 2011. We paid total consideration of $1,065 per $1,000 aggregate principal amount of 2016 Notes, which included a
$30 early tender payment. Additionally, following the expiration of the tender offer, we purchased an additional $125.0 million
and $33.2 million of our 2016 Notes during the first and second quarter of 2011, respectively, in privately negotiated
transactions.
On September 19, 2011, we retired $350.0 million the 2016 Notes, in relation to our call for redemption announced on
August 19, 2011. We paid total consideration of $1,043 per $1,000 aggregate principal amount of 2016 Notes, plus accrued
and unpaid interest to, but excluding, the redemption date. The 2016 Notes were purchased using proceeds from debt offerings
discussed below and borrowings on our revolving line of credit.
On December 22, 2011, we retired the remaining $201.5 million of our outstanding 2016 Notes, in relation to our call for
redemption announced on November 22, 2011. We paid total consideration of $1,043 per $1,000 aggregate principal amount of
2016 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. The 2016 Notes were purchased using
proceeds from debt offerings discussed below.
2017 Notes - The 7.875 percent Senior Notes, issued in September 2009 at an aggregate principal amount of $1,100.0 million,
are due November 1, 2017 (the "2017 Notes"). Interest is payable semi-annually.
2018 Notes - On July 19, 2010, we issued $400.0 million in aggregate principal amount of 8.125 percent senior unsecured
notes due September 1, 2018 at an issue price of 99.248 percent to yield 8.25 percent. Proceeds from the issuance were used to
repay borrowings against our line of credit, which together with cash on hand, was used to pay the cash portion of the Iowa
Telecom and NuVox purchase prices and to repay the outstanding debt of these businesses.
2019 Notes - The 7.000 percent Senior Notes, issued in February 2007 at an aggregate principal amount of $500.0 million, are
due March 15, 2019 (the "2019 Notes"). Interest is payable semi-annually.
2020 Notes - On January 24, 2011, we completed the private placement of an additional $200.0 million in aggregate principal
amount of 7.75 percent senior unsecured notes due October 15, 2020 at 103.000 percent to yield 7.233 percent (the “Additional
2020 Notes”). Proceeds from the private placement were used to retire the 7.750 Senior Notes due February 15, 2015 (the
“Valor Notes”).
On October 6, 2010, we completed the private placement of $500.0 million in aggregate principal amount of 7.750 percent
senior unsecured notes due October 15, 2020 at par to yield 7.75 percent. Proceeds from the private placement totaled $491.3
million, excluding debt issuance costs, and were used, together with cash on hand, to finance the acquisition of Q-Comm.
2021 Notes - On March 28, 2011, we completed the private placement of $450.0 million in aggregate principal amount of 7.750
percent senior unsecured notes due October 1, 2021, at an issue price of 99.116 percent to yield 7.875 percent (the “2021
Notes”). Proceeds from the private placement were used to purchase for cash a portion of our outstanding 2016 Notes,
including any accrued and unpaid interest on the tendered 2016 Notes, together with related fees and expenses. Interest is
payable semi-annually.