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Debt Overview

Windstream Services (1) Debt Outstanding Credit Ratings (2)
as of September 30, 2018
Moody's S&P Fitch
(in millions)
Senior Secured Debt
Bank Credit Facility - Variable Rate Tranche B6 due 2021 (3) 1,184 Caa1 B BB
Bank Credit Facility - Variable Rate Tranche B7 due 2024 (3) 570 Caa1 B BB
Revolver - Variable Rate due 2020 1,030 Caa1 B BB
Windstream Services - 8.625% Sr. Notes due 2025 600 Caa1 B BB
Windstream Services - 9% Sr. Notes due 2025 - 2nd Lien 802 Caa2 CCC BB-
Windstream Services - 9% Sr. Notes due 2024 - 2nd Lien 415 Caa2 CCC BB-
Windstream Holdings of the Midwest - 6.75% Notes due 2028 (4) 100 WR B BB
Total Senior Secured Debt $ 4,700
Senior Unsecured Debt
Windstream Services - 7.75% Sr. Notes due 2020 78 Caa2 CCC- CCC+
Windstream Services - 7.75% Sr. Notes due 2021 70 Caa2 CCC- CCC+
Windstream Services - 7.50% Sr. Notes due 2022 36 Caa2 CCC- CCC+
Windstream Services - 7.50% Sr. Notes due 2023 34 Caa2 CCC- CCC+
Windstream Services - 6.375% Sr. Notes due 2023 807 Caa2 CCC- CCC+
Windstream Services - 8.75% Sr. Notes due 2024 106 Caa2 CCC- CCC+
Total Unsecured Debt $ 1,131
Total Secured and Unsecured Debt $ 5,832
Debt Issue Expense (61)
Premium on Long-Term Debt, net (32)
Capital Lease Obligations 102
Total Long-Term Debt, including Current Maturities $ 5,841 Caa1 CCC+ B

(1) Effective 02/28/2015 Windstream Corporation was converted to a limited liability company (LLC) and is now known as Windstream Services LLC ("Windstream Services")
(2) Credit Ratings updated as of October 17, 2018
(3) Subject to a 75 basis point floor
(4) Debt held by Windstream Holdings of the Midwest, Inc., a subsidiary of the Company, is secured solely by the assets of the subsidiary