Uniti gets $350 million bridge to be replaced with long-term loan

Chicago, Feb. 26 – Uniti Group Inc. through subsidiaries Uniti Fiber Bridge Borrower LLC, Uniti Fiber Bridge HoldCo LLC and Uniti Fiber GulfCo LLC entered into a $350 million bridge loan and security agreement on Feb. 23 with Wilmington Trust, NA as the administrative agent, collateral agent, account bank and verification agent, according to an 8-K filing with the Securities and Exchange Commission.

Barclays Bank plc is the facility agent.

The loan agreement provides for a multi-draw term loan.

The maturity is 18 months from the closing date.

Interest will be at SOFR plus 375 basis points. The margin steps up to 450 bps 12 months after closing, and then again to 525 bps 15 months after closing.

The loan facility is expected to be refinanced with proceeds from a long-term facility secured by certain Uniti Fiber network assets.

Barclays Bank plc, Deutsche Bank AG, New York Branch and Citibank, NA are the lead arrangers.

Proceeds are being used to finance the purchase price of fiber network assets transfers, for working capital and general corporate purposes.

Uniti is an internally managed real estate investment trust based in Little Rock, Ark.

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