Published on 1/19/2021 in the Prospect News High Yield Daily.
New Issue: Uniti Group sells upsized $1.11 billion 6½% eight-year notes at par
By Paul A. Harris
Portland, Ore., Jan. 19 – Uniti Group LP priced an upsized $1.11 billion issue of eight-year senior notes (Caa2/CCC) at par to yield 6½% in a Tuesday drive-by, according to market sources.
The issue size increased from $750 million.
The yield printed at the tight end of yield talk in the 6 5/8% area. Initial guidance was in the low 7% area.
Citigroup Global Markets Inc. was the lead bookrunner. Joint bookrunners were 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.
The notes were sold by Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC.
The Little Rock, Ark.-based real estate investment trust plans to use the proceeds to retire any and all of its existing senior notes due 2023.
| Issuers: | Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC
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| Amount: | $1.11 billion, increased from $750 million
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| Maturity: | Feb. 15, 2029
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| Securities: | Senior notes
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| Lead bookrunner: | Citigroup Global Markets Inc.
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| Joint bookrunners: | 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
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Spread: | 573 bps
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| First call: | Feb. 15, 2024 at 103.25
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| Equity clawback: | 40% at 106.5 until Feb. 15, 2024
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| Trade date: | Jan. 19
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| Settlement date: | Feb. 2
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| Ratings: | Moody's: Caa2
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| S&P: CCC
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6 5/8% area
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| Marketing: | Drive-by
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