Source: Hawaiian Telcom Press Release

Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) announced the closing of the refinancing of its existing senior secured credit facility. In connection with the refinancing, the company entered into a new $300 million senior secured credit facility maturing February 28, 2017. Pricing on the new term loan was set at LIBOR plus 5.75 percent with a LIBOR minimum of 1.25 percent, and sold at $98.5 per $100 of principal amount.

The proceeds from the new $300 million term loan were used, along with $16 million of existing cash, to pay off the Company's outstanding term loan, and to pay accrued interest and call premium amounts, as well as closing costs and other third party expenses related to the transaction.

Source: Sprint Press Release

Sprint Nextel Corp. (NYSE:S) announced that it plans to offer approximately $2 billion in aggregate principal amount of notes due 2020 and notes due 2017 and, together with the 2020 Notes, in a private transaction that is exempt from the registration requirements of the Securities Act of 1933. The 2020 Notes will be guaranteed by the company’s wholly-owned subsidiaries that guarantee its existing credit agreements.

The company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation and its subsidiary Clearwire Communications LLC.

Source: Windstream Press Release

Windstream Corp. (Nasdaq:WIN) announced that it is seeking the consent of its lenders to amend and restate its existing senior secured credit facilities to, among other things: (i) provide for the incurrence of $280 million of additional term loans, the proceeds of which will be used to partially repay the credit facility revolver (without any reduction in commitments); (ii) extend the maturity of certain existing term loans; (iii) provide for the ability to refinance and extend the maturity of any term loan or revolving loan with the consent of the affected lenders; and (iv) modify certain other definitions and provisions.

The company expects to complete the amendment and restatement, subject to the receipt of required consents and other customary conditions, in February 2012.

Source: Hawaiian Telcom Press Release

Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) announced plans to seek refinancing of its existing $300 million senior secured credit facility. The proposed new credit facility would be used to refinance and extend the maturity of the company's existing $300 million term loan, which matures October 28, 2015.

"The credit markets appear to have improved and we believe conditions now are favorable for us to pursue refinancing of our existing credit facility under improved terms," said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "In addition, we believe our unaudited 2011 fourth quarter results support seeking a refinancing at this time. Our preliminary unaudited fourth quarter results are in line with our expectations, showing revenue improvement over the prior quarter as well as margin improvement," Yeaman added.

The Company's year-end audit process is still ongoing so the preliminary results are subject to change. Actual results for the full-year 2011 and 2011 fourth quarter will become available on or about March 15, 2012 when the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Source: Sunddenlink Press Release

Cequel Communications Holdings I, LLC (dba Suddenlink) announced that its subsidiary, Cequel Communications, LLC, intends to begin a process to refinance its existing $2.525 billion credit facility with a new $2.7 billion credit facility.

The New Credit Facility is expected to consist of a $500 million revolver and a $2.2 billion term loan B. If the refinancing of the Existing Credit Facility is successful, the company expects to use the proceeds from the New Credit Facility to repay in full and terminate the Existing Credit Facility and to make distributions to Cequel Communications Holdings, LLC, Cequel`s parent company, of $370 million in March 2012 and up to an additional $70 million in May 2012. Cequel Holdings is expected to use such distributions to repay a portion of the capital contributions made by holders of common units of Cequel Holdings and to make certain payments to holders of options and restricted units of Cequel Holdings.

Cequel has no current plans for any further distributions. In any event, Cequel will not make any such additional distributions prior to April 1, 2013. There is no guarantee that any such refinancing transactions will be consummated on terms acceptable to the company or at all.

In connection with the refinancing, Cequel is disclosing to potential lenders under the New Credit Facility the following preliminary information with respect to its results for the year ended December 31, 2011. The Preliminary Financial Information below represents Cequel`s preliminary estimates and is based on information available to its management team as of the date of this release.

The Preliminary Financial Information as described below is presented both on an actual basis and on a pro forma basis to include the acquisition of all of the issued and outstanding capital stock of NPG Cable, Inc., Mercury Voice and Data Company, and NPG Digital Phone, Inc., which occurred on April 1, 2011, as well as other previously disclosed small acquisitions and divestitures, as if those transactions had been consummated on January 1, 2010.

On a pro forma basis for the year ended December 31, 2011, revenue is expected to be $1,929.9 million, a 7.1% increase over revenue for the prior year. Adjusted EBITDA is expected to be between $715.0 and $718.0 million, an expected increase of 8.6% to 9.1% over Adjusted EBITDA for the prior year. For the year ended December 31, 2011, Cequel added approximately 151,300 revenue generating units, an increase of approximately 4.6%. Pro Forma Adjusted EBITDA, as defined in our credit facility and bond indenture, is expected to be between $723.0 million and $726.0 million for the year ended December 31, 2011.