When Windstream executives said over the past two years that inhospitable debt markets were putting roadblocks up to much-needed consolidation in the mid-sized and rural telco space, they weren't exaggerating. According to The Wall Street Journal, so-called "poison puts" - debt covenants triggered by acquisitions that sometimes require full repayment to bond holders - kept Windstream from being a more serious bidder for the assets of Embarq, which ultimately was snatched up by CenturyTel last year, thanks in part to the latter's investment-grade credit rating.
展开▼
