Windstream Receives Requisite State Regulator Approvals for REIT Spinoff

Windstream said it received all necessary approvals from state utility regulators for its planned spinoff of a real estate investment trust (REIT) with its fiber and copper assets, to be called Communications Sales & Leasing (CS&L). The IRS also has sent a “favorable letter ruling” on the REIT, Windstream said Wednesday. The REIT spinoff is still set to close during the first half of this year, with Windstream saying it’s now focusing on the plan’s final steps. Windstream Director Francis Frantz will be CS&L’s chairman and will lead the search for the REIT’s president and CEO, Windstream said. The telco announced its plans for the REIT spinoff in July (see 1408070047).