Uniti Group Inc. Announces Completion of New ABS Bridge Facility and Recent Asset Sales
26 2월 2024 - 9:00PM
Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT)
announced today that Uniti Fiber Bridge Borrower LLC ( the “ABS
Borrower”), an indirect, bankruptcy remote subsidiary of the
Company, has entered into a Bridge Loan and Security Agreement for
up to $350 million of borrowings pursuant to a multi-draw term loan
facility (the “Facility”).
Borrowings under the Facility will bear interest
at an initial rate equal to Term SOFR for the applicable interest
period plus an applicable margin of 3.75%, subject to customary
step-ups in the applicable margin based on how long the Facility
remains outstanding. The ABS Borrower intends to cap
Term SOFR for the duration of the Facility pursuant to an interest
rate protection agreement. The Facility will mature 18 months from
the initial draw date and is subject to customary covenants.
The ABS Borrower intends to refinance the
Facility in full with proceeds from a long-term ABS facility
secured primarily by certain Uniti Fiber network assets.
“We are excited to announce this new ABS bridge
facility that not only helps bolster our liquidity in the
near-term, but also provides access to an attractive new source of
long-term capital through a permanent ABS solution that is expected
to follow,” commented Senior Vice President, Chief Financial
Officer & Treasurer, Paul Bullington.
Barclays Bank PLC acted as sole structuring
agent, lead left arranger and facility agent on the transaction.
Deutsche Bank AG New York Branch and Citibank, N.A. acted as
co-lead arrangers. Wilmington Trust, National Association is acting
as administrative agent.
RECENT ASSET SALES
Uniti also announced today multiple asset sales
that it recently completed. First, Uniti sold its remaining
investment interest in the fiber network operated by Bluebird
Network LLC. In addition, Uniti sold to CableSouth Media III, LLC
(“SwyftFiber”) the fiber and other network assets previously leased
to SwyftFiber since its 2018 sale leaseback transaction with Uniti.
As part of the agreement, Uniti will continue to have access to
certain strands within the SwyftFiber network at zero-cost.
Finally, Uniti recently completed the sale of essentially all of
its remaining wireless towers to CTI Towers, Inc., a portfolio
company of Palistar Capital LP.
Total cash consideration for these transactions
was approximately $87 million. For the twelve month period ending
September 30, 2023, the aggregate reported revenue and Adjusted
EBITDA associated with these asset sales were approximately $4
million and $9 million, respectively.
Mr. Bullington continued, “Uniti has
consistently proven to be both a disciplined buyer and seller of
assets, and these transactions are further examples of recycling
capital at attractive valuations, while also strengthening our
overall balance sheet.”
ABOUT UNITI
Uniti, an internally managed real estate
investment trust, is engaged in the acquisition and construction of
mission critical communications infrastructure, and is a leading
provider of fiber and other wireless solutions for the
communications industry. As of September 30, 2023, Uniti owns
approximately 139,000 fiber route miles, 8.4 million fiber strand
miles, and other communications real estate throughout the United
States. Additional information about Uniti can be found on its
website at www.uniti.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended from
time to time. Those forward-looking statements include all
statements that are not historical statements of fact, including,
without limitation, those regarding the new ABS facility.
Words such as "anticipate(s)," "expect(s),"
"intend(s)," “estimate(s),” “foresee(s),” "plan(s)," "believe(s),"
"may," "will," "would," "could," "should," "seek(s)" and similar
expressions, or the negative of these terms, are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and are
subject to a number of risks and uncertainties that could lead to
actual results differing materially from those projected,
forecasted or expected. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, we can
give no assurance that our expectations will be attained. Factors
which could materially alter our expectations include, but are not
limited to, the future prospects of Windstream, our largest
customer; the ability and willingness of our customers to renew
their leases with us upon their expiration, and the ability to
reposition our properties on the same or better terms in the event
of nonrenewal or in the event we replace an existing tenant; the
availability of and our ability to identify suitable acquisition
opportunities and our ability to acquire and lease the respective
properties on favorable terms; the risk that we fail to fully
realize the potential benefits of acquisitions or have difficulty
integrating acquired companies; our ability to generate sufficient
cash flows to service our outstanding indebtedness and fund our
capital funding commitments; our ability to access debt and equity
capital markets; the impact on our business or the business of our
customers as a result of credit rating downgrades and fluctuating
interest rates; our ability to retain our key management personnel;
changes in the U.S. tax law and other state, federal or local laws,
whether or not specific to real estate investment trusts; covenants
in our debt agreements that may limit our operational flexibility;
the possibility that we may experience equipment failures, natural
disasters, cyber-attacks or terrorist attacks for which our
insurance may not provide adequate coverage; other risks inherent
in the communications industry and in the ownership of
communications distribution systems, including potential liability
relating to environmental matters and illiquidity of real estate
investments; and additional factors described in our reports filed
with the SEC.
Uniti expressly disclaims any obligation to
release publicly any updates or revisions to any of the
forward-looking statements set forth in this press release to
reflect any change in its expectations or any change in events,
conditions or circumstances on which any statement is based.
INVESTOR AND MEDIA CONTACTS:
Paul Bullington, 251-662-1512Senior Vice President, Chief
Financial Officer & Treasurerpaul.bullington@uniti.com
Bill DiTullio, 501-850-0872Vice President, Investor Relations
& Treasurybill.ditullio@uniti.com
Uniti (NASDAQ:UNIT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Uniti (NASDAQ:UNIT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024