CreditSights logo
Forgot Password?

Windstream Corporation

WIN provides broadband, voice and video to primarily rural consumers and offers communications solutions, including managed services and cloud computing, to businesses. At the end of 3Q17, WIN had 232k small business, 34k Enterprise and 1.0 mn consumer broadband customers. In April 2015, WIN completed a spinoff of certain telecom assets (fiber-optics, copper lines, buildings/poles) into a REIT - Uniti Group (fka CSAL) - and entered a 15-year agreement to lease back the assets. In September 2017, Aurelius, an activist hedge fund, took a large position in WIN's 6.375% 2023 Notes and claimed that the 2015 REIT spin-off constituted a default under the indenture. Specifically, the fund claimed that the spin-off constituted a "sale and leaseback transaction." WIN has rejected Aurelius' claims. The issue is currently being heard in the Southern District of NY Court under Judge Jesse Furman. In February '17, WIN closed the all-stock, $1.1 bn EarthLink deal, which bolstered WIN's east coast fiber footprint, added FCF, and reduced leverage. The following July, WIN completed a $228 mn deal to acquire Broadview. (16 Jan 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

Windstream 3Q18: In a Holding Pattern

Earnings Note: 08 Nov 2018, 10:12 PM ET - WIN's results showed signs of improvement, with solid broadband adds and further progress on interconnection cost cuts. Unfortunately, the company remains in a holding pattern until it receives a ruling on its litigation with Aurelius.

Uniti 3Q18: Dividend Dilemma

Earnings Note: 04 Nov 2018, 10:19 PM ET - Uniti's 3Q18 results were lackluster, as delays, customer credits, slowing demand, and hurricanes weighed on operations. Uniti's liquidity position is tightening, and a dividend cut seems like a potential next step.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

Initiation on Uniti Group: Relative Value (3/3)

Company Spotlight: 19 Oct 2018, 5:32 AM ET - In part 3 of our Initiation on Uniti series, we discuss relative value. 

Initiation on Uniti: Financial Condition (2/3)

Company Spotlight: 18 Oct 2018, 4:21 AM ET - We initiate on Uniti Group, the REIT that was created by a spin-off of Windstream assets. In part 2 of this 3-part series, we discuss Uniti's financial condition.

Initiation on Uniti: Operating Condition (1/3)

Company Spotlight: 17 Oct 2018, 5:32 AM ET - We initiate on Uniti Group, the REIT that was created by a spin-off of Windstream assets. In part 1 of this 3-part series, we discuss Uniti's operating condition.

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

CDS: Trust the Players, Love the Game?

Company Analysis: 12 Sep 2018, 4:58 AM ET - We provide an update on changes in market practice following recent shenanigans based on our discussions with various CDS participants.  We also summarize recommended changes to CDS practices to address participants' concerns. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.
Focused

Windstream: Who is Jesse's Girl?

Company Analysis: 20 Aug 2018, 11:20 PM ET - We expect Judge Jesse Furman to rule shortly in the hotly-contested Windstream-Aurelius battle.  We discuss the decision tree Judge Furman will need to navigate and potential consequences that could arise from his decision. 
Focused

CDS and Restructurings: Historical Perspective

HY Note: 10 Aug 2018, 4:50 AM ET - We examine the role of CDS in distressed restructurings, as well as recent transactions where CDS trades played an important role and discuss our thoughts on the implications of these transactions on the synthetic market generally. 
Focused

Windstream 2Q18: There's a Pulse!

Earnings Note: 09 Aug 2018, 5:52 PM ET - Windstream surprised to the upside, as management showed that it is executing on both its strategic and cost cutting strategies. The story hinges on the eagerly awaited outcome of the Windstream v. US Bank/Aurelius trial.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..
Focused

Windstream: Reduces 2020 Exchange Minimum

Worth Watching: 27 Jul 2018, 3:22 PM ET - Windstream today announced an amendment and extension of its outstanding exchange offers (see: Windstream: Sweetening the 2020 Exchange Offer and Windstream: Opportunistic Exchange Offers). The Early Tender and Expiration Dates for both the 20 ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.
Focused

Windstream: Day 3 Trial Recap and Transcript

Worth Watching: 26 Jul 2018, 1:22 PM ET - Windstream: Day 3 of the Windstream trial concluded the evidentiary portion of the case. The parties will reconvene in court on Tuesday, July 31st at 10:30 AM ET for oral arguments. Judge Furman plans to issue an order giving guidance on the is ..
Focused

Windstream: Day 2 Trial Recap and Transcript

Worth Watching: 25 Jul 2018, 11:19 AM ET - Windstream: Day 2 of the Windstream/US Bank/Aurelius trial included testimony from: Saul Solomon, Bob Gunderman, and Dennis Prieto. This report focuses on key points from the examinations. We include a copy of the transcript below.Saul Solomon: ..

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results