Uniti Group plans to price $750 million eight-year notes on Tuesday; initial talk low 7% area

By Paul A. Harris

Portland, Ore., Jan. 19 – Uniti Group LP, in conjunction with Uniti Group Finance 2019 Inc. and CSL Capital, LLC, plans to price a $750 million offering of eight-year senior notes (existing ratings Caa2/CCC) in a Tuesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the Rule 144A and Regulation S for life notes coming to yield in the low 7% area, a trader said.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc., Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and TD Securities (USA) LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The Little Rock, Ark.-based real estate investment trust plans to use the proceeds to retire a portion of its existing senior notes due 2023.

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