Published on 5/6/2024 in the Prospect News High Yield Daily.
New Issue: Uniti Group prices $300 million tap of 10˝% notes due 2028 at 103
By Paul A. Harris
Portland, Ore., May 6 – Uniti Group LP priced a $300 million add-on to the Uniti Group, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC 10˝% senior secured notes due Feb. 15, 2028 (B2/B-) at 103 in a Monday drive-by, according to market sources.
The issue price came at the rich end of the 102.75 to 103 price talk. Initial guidance was in the 102.25 area.
Citigroup Global Markets Inc. was the left bookrunner. Joint bookrunners were Barclays, BofA Securities Inc., 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.
Proceeds will be used for general corporate purposes, which may include funding a portion of the merger with Windstream Holdings, Inc.
Uniti an internally managed real estate investment trust engaged in the acquisition and construction of mission critical communications infrastructure. It is based is Little Rock, Ark.
| Issuers: | Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC
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| Amount: | $300 million
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| Issue: | Senior secured notes add-on
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| Maturity: | Feb. 15, 2028
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| Left bookrunner: | Citigroup Global Markets Inc.
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| Joint bookrunners: | Barclays, BofA Securities Inc., 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
|
| Coupon: | 10˝%
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| Price: | 103
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| Yield to worst: | 9.259%
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| Yield to maturity: | 9.524%
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| First call: | Sept. 15, 2025 at 105.25
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| Special call: | 10% of the notes annually at 103 during remainder of non-call period
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| Trade date: | May 6
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| Settlement date: | May 17
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| Ratings: | Moody’s: B2
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 102.75 to 103
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| Marketing: | Drive-by
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| Original issue: | $2.6 billion priced in February 2023
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