Windstream 2013 Annual Report Download - page 150
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F-14
During 2011, Windstream Corp. repurchased all $1,746.0 million of its 8.625 percent Senior Notes due 2016 ("2016 Notes")
and all of the $400.0 million 7.750 percent Valor Notes ("Valor Notes"). These transactions were financed with proceeds from
various debt offerings and borrowings under the revolving line of credit. As a result of these transactions, Windstream Corp.
was able to extend its existing debt maturities and lower its interest rates. The 2011 debt retirements were also accounted for
under the extinguishment method, and, as a result, Windstream Corp. recognized a loss on extinguishment of debt of $136.1
million during 2011.
The (loss) gain on extinguishment of debt was as follows for the years ended December 31:
(Millions) 2013 2012 2011
2019 Notes:
Premium on early redemption $(13.6) $ — $ —
Third-party fees for early redemption (0.5) — —
Unamortized debt issuance costs on original issuance (0.6) — —
Loss on early extinguishment for 2019 Notes (14.7) — —
Senior secured credit facility:
Unamortized debt issuance costs on original issuance (2.5) — —
Loss on early extinguishment for senior secured credit facility (2.5) — —
PAETEC 2017 Notes:
Premium on early redemption (51.5) — —
Third-party fees for early redemption (1.0) — —
Unamortized premium on original issuance 41.2 — —
Loss on early extinguishment for PAETEC 2017 Notes (11.3) — —
PAETEC 2015 Notes:
Premium on early redemption — (14.3)—
Unamortized premium on original issuance — 16.2 —
Gain on early extinguishment for PAETEC 2015 Notes — 1.9 —
2016 Notes:
Premium on early redemption — — (101.2)
Unamortized discount on original issuance — — (26.6)
Third-party fees for early redemption — — (3.0)
Unamortized debt issuance costs on original issuance — — (1.1)
Loss on early extinguishment for 2016 Notes — — (131.9)
Valor Notes:
Premium on early redemption — — (10.3)
Third-party fees for early redemption — — (0.4)
Unamortized premium on original issuance — — 6.5
Loss on early extinguishment for Valor Notes — — (4.2)
Total (loss) gain on early extinguishment of debt $ (28.5) $ 1.9 $ (136.1)