Windstream Holdings Inc. said today that its board of directors has given final approval or the tax-free spinoff of select telecommunications network assets into Communications Sales & Leasing Inc., which will become an independent publicly traded real estate investment trust (REIT). In addition, the company’s board of directors declared a prorated cash dividend subject to the closing of the spinoff, according to a release. Windstream expects to distribute approximately 80.1 percent of the REIT’s shares on April 24 to Windstream shareholders of record as of 5 p.m. Eastern Daylight Time April 10. Windstream intends to use the retained shares to reduce debt. Windstream will make a cash distribution equivalent to a prorated 25 cent quarterly dividend. Windstream will continue to be listed on the Nasdaq Stock Market under the symbol “WIN,” while the REIT expects to list its common stock on Nasdaq under the symbol “CSAL.” In November 2009, Little Rock, Ark.-based Windstream acquired Iowa Telecommunications Services Inc.