Windstream announced it’s transferring about 14.7 million shares — or about 50 percent of its total retained stock — of Communications Sales & Leasing (CS&L) common stock to its creditors in order to help pay down debt.
The transferred CS&L shares will go toward retiring about $309 million in Windstream’s revolving credit facility debt and satisfy transaction expenses. On top of that, the company has retired $126 million in face value of debt for $100 million in cash through open market debt repurchases since April.
