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Windstream Services, LLC · Corporate

Windstream Services, LLC: bankruptcy, 2019

Windstream Services, LLC: bankruptcy credit event on 2019-02-25, worked through from its SEC filings. The 8.625% Senior First Lien Notes due 2025 (CUSIP 97381LAB4) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 2 documents
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Verified outcome

EligibleIs the instrument a Deliverable Obligation for this credit event, on 7 checks: the Reference Entity is a jointly and severally liable co-issuer; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Basis. All 7 checks pass on the record: the Reference Entity is a jointly and severally liable co-issuer, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

For 8.625% Senior First Lien Notes due 2025

Reference entity
Windstream Services, LLC
Credit event
Bankruptcy · 2019-02-25
Entity type
Corporate
Documents
2 in the record

Instruments

Each obligation has its own page with terms and questions.

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

  1. #1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the Reference Entity is a jointly and severally liable co-issuer; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
    Eligible
  2. #2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
    Yes

    Indenture of 2017-11-06

  3. #3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
    Yes

    Indenture of 2017-11-06

  4. #4 Does the instrument meet the Not Subordinated characteristic?
    Yes
  5. #5 Does the instrument meet the Not Bearer characteristic?
    Yes
  6. #6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
    Yes
    None: no clause making principal contingent was found.
  7. #7 Does the instrument meet the Transferable characteristic?
    Yes
    None: no clause restricting transfer was found.
  8. #8 Is the instrument an obligation of the Reference Entity (as a jointly and severally liable co-issuer)?
    Yes

Documents

The case record. 7 sections support the verified answers.

  • DOC-1 Windstream Holdings / Windstream Services 8-K filed 2019-02-28, Item 1.03 Bankruptcy, petition 2019-02-25excerpts
  • DOC-2 Indenture dated November 6, 2017, 8.625% Senior First Lien Notes due 2025 (EX-4.1)excerpts

Timeline

  1. 2017-11-06Indenture for the 8.625% Senior First Lien Notes due 2025 (filed as Exhibit 4.1).
  2. 2019-02-25Windstream Holdings, Inc. and its subsidiaries, including Windstream Services, LLC, file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York.

Related cases

Same entity first, then published cases with a similar event, entity type and questions.

Questions on this case: Deliverability, Deliverable Obligation Characteristic, Additional check, Reference Entity.

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