Windstream Corporation announced steps to refinance its $1.1 billion debt due in 2013. Windstream is seeking to obtain $300 million in term loans under its existing senior secured credit facilities to refinance existing term loans that mature in July. Windstream expects to acquire the term loans before the end of January, subject to market and other conditions.

Additionally, Windstream has available a $1.25 billion undrawn revolving credit facility as an option to repay its $800 million in senior notes that mature later in 2013. Windstream also announced earlier a proposed private placement of $700 million of senior notes that will mature in 2023. The company expects to use the proceeds to complete a tender offer and consent solicitation to purchase for cash any and all of the outstanding $650 million aggregate principal amount of the 8.875% Senior Secured Notes due 2017 issued by PAETEC Holding Corp., a wholly-owned subsidiary of Windstream.