Windstream Services, LLC · Bankruptcy · 2019 · 8.625% Senior First Lien Notes due 2025
Is the instrument an obligation of the Reference Entity (as a jointly and severally liable co-issuer)?
Verified answer
Basis. The Reference Entity is one of the co-issuers ("Windstream Services, LLC and Windstream Finance Corp."), and the co-issuers are jointly and severally liable for principal and interest: the instrument is a direct obligation of the Reference Entity.
Source clauses
Indenture of 2017-11-06
How it was checked · 2 checks
- Rule re-applied. The Issuer matches Reference Entity rule (v1.2), re-applied to the stored facts, gives the same result as the Mastermind v3 run of 2026-09-26.
- Name found in the documents. No clause is quoted for the issuer: it is the issuer named for this bond when the case was set up, and the names Windstream Services, LLC and Windstream Finance Corp. appear in 1 of the 2 documents of the record.
Issuer matches Reference Entity
The obligation must be an obligation of the Reference Entity: issued by it (alone, or as a co-issuer jointly and severally liable for the whole amount), or guaranteed by it under a Qualifying Guarantee. When the Reference Entity guarantees another issuer's obligation, this test is assisted review: CDSBench reports the guarantee findings (see Qualifying Guarantee) and leaves the decision to the reviewer. A successor needs separate analysis.
These checks are CDSBench's provisional reading of the 2014 ISDA Credit Derivatives Definitions, not legal advice.
Instrument: 8.625% Senior First Lien Notes due 2025
Source documents
The case record. Sections behind the verified answer are marked.
- 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
Related questions and cases
Same case
- #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 Does the instrument meet the Maximum Maturity characteristic (30 years)?Yes
- #3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?Yes
- #4 Does the instrument meet the Not Subordinated characteristic?Yes
- #5 Does the instrument meet the Not Bearer characteristic?Yes
- #6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?Yes
- #7 Does the instrument meet the Transferable characteristic?Yes
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