This is not an easy company to love. Under pressure to settle its Uniti-related finances and other massive long-term debt agreements, the telecom has produced negative free cash flows across the first three quarters of 2017. That leaves no room for the stated goal of lowering Windstream's debt balances. Instead, the refinancing process has only added to the company's debts recently without adding anything to Windstream's cash reserves.
I don't expect Windstream's story to end well, as the company spun off its most valuable and successful operations into Uniti. Windstream itself was left with few weapons in the battle to stay afloat. If Windstream dodged a bullet in this refinancing effort, there will be more dangers in the road ahead. Share prices have fallen 70% in 2017 for good reason.