Davis Polk advised Uniti Group Inc. in connection with a Rule 144A and Regulation S offering of $2.25 billion aggregate principal amount of 7.875% senior secured notes due 2025 issued by its subsidiaries Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC (collectively, “Uniti”).

Uniti used the net proceeds of the offering to repay all $2.05 billion of outstanding borrowings under Uniti’s term loan facility and $156.7 million of outstanding borrowings under Uniti’s revolving credit facility. In connection with the offering, Uniti entered into an amendment and waiver with the lenders under its senior secured credit facilities. The amendment and waiver waives any potential default that would arise if Uniti’s financial statements for 2019 include a “going concern” statement. The amendment and waiver became effective upon closing of the notes offering and related repayment of borrowings.

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 wireless infrastructure solutions for the communications industry. 

The Davis Polk corporate team included partner Michael Kaplan and associates John H. Runne, Rahul K. Patel and Alexander Kraik. The finance team included partner Joseph P. Hadley, counsel Mayer J. Steinman and associate Sarah L. Walton. The tax team included partners Michael Mollerus and Patrick E. Sigmon and associate Joseph M. Gerstel. All members of the Davis Polk team are based in the New York office.