|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.1850 - 0.1940|
|52 Week Range||0.1850 - 5.6100|
|Beta (3Y Monthly)||1.73|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 7, 2019 - Aug 12, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.51|
Integration enables users of leading collaboration tools to access OfficeSuite UC®’s award-winning features
Windstream, a leading provider of advanced network communications and technology solutions, today announced a nationwide campaign to recognize great teachers and connect new customers with high-speed Internet for lower introductory fees ahead of students’ return to school. Kinetic by Windstream retail locations will participate in a Nominate Your Favorite Teacher back-to-school contest beginning July 15. Nominations may be made in person at any Kinetic by Windstream store before September.
(Bloomberg) -- Uniti Group Inc. is dangling the prospect of lower payments for Windstream Holdings Inc. on the disputed lease that helped trigger its bankruptcy in return for getting some surplus Windstream assets, according to people with knowledge of the matter.Talks are underway, with Uniti envisioning a mutually beneficial transaction that includes a way to make up for the revenue it would lose if it reduces Windstream’s $650 million annual payments, the people said. Shares of Uniti jumped as much as 8.6%. Concessions could include transferring fiber network assets that Windstream isn’t using to Uniti, which could then lease those lines to a third party, said the people, who asked not to be identified discussing confidential negotiations. A deal might also include an upfront payment by Uniti for the transferred assets or extending the lease beyond its 2030 expiration, according to the people.Clues to how big a price break Uniti could grant can be found in the terms of its own credit agreement. Uniti could cut lease payments by $100 million to $150 million before it would violate a requirement to keep its secured leverage ratio under 5 times debt to a measure of earnings.That’s the middle of the value Windstream previously placed on its unused “dark fiber” assets that it was trying to sell before it went bankrupt. Last November, Chief Financial Officer Robert Gunderman estimated those were worth $100 million to $200 million.Credit LimitsLeverage restrictions in other parts of Uniti’s credit agreements and waivers on those limits from creditors might also affect the outcome. The company has warned that outright rejection of the lease by Windstream, while unlikely, could cast doubt on its own solvency.A representative for Windstream said the company declined to comment. A Uniti investor relations representative didn’t immediately respond to a request for comment. Shares of Uniti gained 20 cents to $9.26 at 4 p.m. in New York and traded as high as $9.84.The fate of Windstream’s lease has been a central question hanging over the restructuring. Uniti was spun off in a 2015 deal that gave it ownership of Windstream’s network assets. Windstream then leased the network back from Uniti to provide service to Windstream’s 1.4 million rural residential and small business customers in 18 states.Aurelius Capital Management LP, the hedge fund run by Mark Brodsky, contended that the sale-and-leasback violated terms of Windstream’s debt, and the resulting default plunged Windstream into bankruptcy.Now Windstream is trying to renegotiate the lease, saying the deal for the copper-wire network is overpriced in an age when customers want high-speed internet service on fiber-optic lines. It’s possible the two companies could agree on a reduction of the lease beyond the limits spelled out by Uniti’s covenants if lenders believe the deal would lead to a better outcome and grant a waiver, according to Bloomberg Intelligence analyst Phil Brendel.Read More: Uniti Says Windstream Required to Continue Making PaymentsComplicating matters is that unsecured bondholders want Windstream to completely stop monthly lease payments of about $54 million because they say it’s not a true landlord-tenant lease -- it’s just a financing arrangement -- and thus doesn’t enjoy any special status under bankruptcy law. The value of those payments should be kept for creditors, they contend.The more senior first-lien note holders have sided with the company, saying they should be the ones to bring any claims against Windstream if talks with Uniti fail. A hearing is scheduled for July 26.In the financial chess match of bankruptcy negotiations, the threat of seeing the lease recharacterized as a financing arrangement may strengthen Windstream’s hand. Uniti gets the bulk of its revenue from the Windstream lease and has warned investors that its own financial stability would be in jeopardy if the lease is rejected. Windstream said in May that rejection and recharacterization are both on the table.Mutual Needs“The unsecured noteholders’ recent motion to recharacterize the Uniti master lease as a financing sets forth plausible arguments that could give Windstream leverage in lease talks,” Bloomberg Intelligence analyst Negisa Balluku wrote in a recent note.Any settlement between Windstream and Uniti is unlikely to include an outright rejection of the lease by Windstream, given its relative importance to both parties. Windstream needs access to the network assets owned by Uniti to operate its business, and Uniti gets nearly 70% of its revenue from the lease. Uniti also needs to maintain a certain percentage of its revenue from real estate in order to hold onto its tax status as a real estate investment trust.What’s more, Windstream is a “carrier of last resort” in certain markets where it uses Uniti assets to provide service. Windstream would need approval from state and federal regulators if it tries to reject the lease and stop providing service in those areas -- “a more rigorous standard of review than standard business judgment, given potential public interest concerns,” Balluku said.Windstream has until Sept. 23 to accept or reject the lease. By then, according to the unsecured creditors, it will have paid out nearly $400 million from the estate that belongs to them.“The bizarre turn here is that many on the Windstream executive team and board orchestrated the sale-leaseback transaction, and are now threatening to recharacterize it as a secured financing,” said Brendel at Bloomberg Intelligence. “Uniti may consider the threat as it is being posed more of a bluff, but they still may settle at a small discount to end litigation that questions its existence and asset ownership.”To contact the reporter on this story: Allison McNeely in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shari Vanden Heuvel and her husband are making their retirement dreams come true in rural Iowa thanks to the employment mobility a high-speed internet connection offers. The income Shari earns working remotely made it possible for the Vanden Heuvels to move to a custom home on 80 acres in Clarke County, and transition into semi-retirement. “Across the nation, adequate rural broadband is leading the list of policy priorities for industries as disparate as agriculture and education," said Brad Hedrick, president of Windstream Operations in Iowa.
(Bloomberg) -- Aurelius Capital Management LP is calling for Frontier Communications Corp. to pursue an out-of-court debt exchange and says there’s no “defensible basis” for the company to file for Chapter 11 bankruptcy before trying its proposal. Frontier’s stock and bonds rose.Mark Brodsky’s hedge fund holds Frontier shares, a “substantial amount” of some Frontier notes, and a long position in Frontier’s debts through credit default swaps, according to a June 19 letter to Frontier’s board. The debt holdings include so-called non-CTF unsecured bonds due in 2022 and 2023. Aurelius isn’t a member of any ad hoc bondholder group, according to the letter, which was signed by Managing Director Dennis Prieto.Aurelius’s recommendations “provide a road map for the board to create substantial value for Frontier’s shareholders, both through de-levering and by increasing the option value inherent in the stock,” the letter said. “In contrast, a near-term Chapter 11 would result in a wipe-out for shareholders.”A representative for Frontier declined to comment. The company’s shares rose as much as 23% and its 7.125% notes due in January 2023 gained 1.5 cents on the dollar to 61.5 cents.Click here to see a copy of the Aurelius letterFrontier creditors have been calling for the telecommunications company to engage in negotiations to address its $17 billion of debt. The company recently appointed new board members with turnaround experience, and agreed to a $1.4 billion asset sale. Some bondholders have called for an out-of-court transaction amid speculation that the company might seek Chapter 11 protection.Aurelius said the company should exchange or tender for $3.5 billion of CTF and non-CTF bonds maturing in 2022 and 2023 and 51% of the CTF bonds due in 2025, with the 2022 and 2025 CTF notes amending their lien covenant as part of the transaction. Participating holders would receive new secured debt and possibly cash, having a value about 10% above current market prices.Debt ImpactThe suggested transaction would allow Frontier to extend its debt, reduce net borrowings by more than $1.5 billion and generate $200 million in annual interest expense savings, Aurelius said. Leverage would be cut from 4.74 times to 4.26 times a key measure of earnings, according to the letter. It would also free up cash flow and enhance the company’s ability to deleverage further, such as by purchasing more long-dated unsecured bonds.Frontier’s debt situation is also fundamentally different than what happened to Windstream Holdings Inc. -- which filed for bankruptcy after Aurelius alleged a debt default -- because that case turned on Windstream violating the plain language of its covenants, according to the letter.“Respectfully, the Windstream decision should play no role in your decision regarding Frontier’s capital structure,” Aurelius said. A Windstream representative declined to comment.The company shouldn’t seek to pursue an out-of-court comprehensive restructuring of its unsecured bonds, as some holders of back-end bonds have sought, because it is a “mirage” that will “immutably and swiftly” lead to Frontier filing for bankruptcy, Aurelius said.Even if Aurelius’s proposal fails, “Chapter 11 will be no less available than it is today,” the hedge fund said. “Indeed, the threat of Chapter 11 should put the company in a strong position in negotiations with holders of near-dated bonds regarding the exchange/tender offer.”(Updates shares and bonds in the fourth paragraph and adds Chapter 11 comment in the last.)\--With assistance from Bill Haubert.To contact the reporter on this story: Allison McNeely in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Windstream Enterprise, a leading provider of advanced network communications, will announce that it is re-launching its Virtual PBX for Hospitality at HITEC® on June 18.
Windstream Wholesale, a leading provider of advanced network communications, today announced it is establishing a presence in the MDC El Paso, Texas, data center. MDC’s edge data centers are strategically located at network crossing points between Mexico and the U.S.
After an ugly protracted battle with Windstream that ended in its bankruptcy, hedge fund Aurelius Capital Management has bought 1 million shares of Uniti, the contested spinoff, according to a recent filing.
Windstream, a leading provider of advanced network communications and technology solutions, is recognizing June as Internet Safety Month by partnering with local law enforcement and community organizations to host a series of educational initiatives to remind the public about the importance of being safe while online.
Windstream has named Michael Foor to serve as its vice president of state government affairs in Georgia. Foor was formerly vice president of market and member services for North Georgia Network and president of Georgia Communications Corporation. Foor will be based in Baldwin and report to J Berkshire, president of Windstream Operations in Georgia.
Less than five months after the debut of WE Connect, good things have begun to happen for Windstream Enterprise customers and the company alike. And now, Windstream Enterprise itself has been recognized with a prestigious industry award for delivering a best-in-class customer experience. This May the 2019 American Business Awards® announced that Windstream Enterprise and WE Connect had won a coveted Gold Stevie® Award.
Windstream Holdings Inc. (OTC: WINMQ ) filed for bankruptcy protection in February days after the telecom service provider lost a legal battle against the hedge fund Aurelius Capital Management. Since ...
Windstream (WINMQ) delivered earnings and revenue surprises of 135.71% and 0.03%, respectively, for the quarter ended March 2019. Do the numbers hold clues to what lies ahead for the stock?
On a per-share basis, the Little Rock, Arkansas-based company said it had a loss of $54.26. Earnings, adjusted for asset impairment costs, came to 65 cents per share. The broadband and communications company ...
Windstream will release first-quarter financial results at 7:30 a.m. CDT on May 15. The remarks will be available via webcast at 7:30 a.m. CDT on May 15 on the company’s investor relations website at investor.windstream.com. Windstream Holdings, Inc., a FORTUNE 500 company, is a leading provider of advanced network communications and technology solutions.
Windstream, a leading provider of advanced network communications and technology solutions, has been named to the Best for Vets: Employers 2019 rankings by Military Times. This is the third consecutive year that Windstream has made the list. In their tenth year, the Best for Vets: Employers rankings evaluate companies’ culture, veteran recruiting, veteran policies, and accommodations for members of the National Guard and reserves.
Windstream, a leading provider of advanced network communications and technology solutions, today announced the completion of a major broadband upgrade for north Georgians served by the company’s cable TV network.