Windstream Holdings Credit Report

18 January 2019

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Windstream’s bonds perked up a bit recently, although most still trade at distressed-level yields. Our valuation waterfall on page two reflects primarily a full recovery for the company’s first lien notes and varying recovery levels for second lien notes depending upon the EBITDAR-EV multiple. Unsecured claims also vary across the valuation grid. Investors are concerned about several issues facing the company, including the upcoming ruling on its lease arrangement with Uniti Group that Aurelius is contesting, and a slow deteriorating business.