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Uniti Group expected to price $1.75 billion five-year secured notes on Friday; whisper is 11%
By Paul A. Harris
Portland, Ore., Feb. 2 – Uniti Group expects to price a $1.75 billion offering of five-year senior secured notes (expected ratings B2/B/BB+) on Friday, according to market sources.
The deal, which was set to kick off on a Thursday morning conference call with investors, is in the market with initial guidance in the 11% area, sources say.
Citigroup Global Markets Inc. is the left bookrunner. J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and TD Securities (USA) LLC are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after 2.5 years at par plus 50% of the coupon. Six months thereafter the call premium declines to par plus 25% of the coupon. Twelve months thereafter the notes become callable at par.
A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The notes also feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.
The issuing entities will be Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC.
The Little Rock, Ark.-based company plans to use the proceeds to partially redeem its 7 7/8% senior secured notes due February 2025 and to repay debt under its revolving credit facility.
Uniti Group is an internally managed real estate investment trust engaged in the acquisition and construction of mission critical communications infrastructure.
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