Uniti Group driving by with $570 million seven-year secured notes, initial talk low 5% area

By Paul A. Harris

Portland, Ore., April 6 – Uniti Group Inc. plans to sell $570 million of seven-year senior secured notes (B2) in a Tuesday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the low-5% area.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

Issuing entities will be Uniti Group Finance 2019 Inc. and CSL Capital, LLC.

The Little Rock, Ark.-based real estate investment trust (REIT) plans to use the proceeds to redeem its 6% secured notes due 2023.

Uniti acquires and constructs wireless communications infrastructure.

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