We advised Uniti on its high-yield notes offering

Davis Polk advised Uniti Group Inc. in connection with a Rule 144A / Regulation S offering of $1 billion aggregate principal amount of 8.625% senior notes due 2032 issued by its subsidiaries Uniti Services LLC, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC. Upon the guarantee of the notes by certain regulated subsidiaries, the notes are expected to be mandatorily exchanged for the issuers’ existing 8.625% senior notes due 2032 issued as “additional notes” under the indenture governing the existing notes.

Uniti used a portion of the net proceeds of the offering to repay borrowings under Uniti Services LLC’s senior secured first-lien term loan facility due 2031, including related fees and expenses, and will use any remaining net proceeds for general corporate purposes, which may include the repayment of outstanding debt and/or success-based equity expenditures.

Uniti is a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. Uniti builds, operates and delivers fast and reliable communications services, empowering more than a million consumers and businesses in the digital economy. Uniti’s broad portfolio of services is offered through a suite of brands: Uniti Wholesale, Kinetic, Uniti Fiber and Uniti Solutions.

The Davis Polk corporate team included partner Michael Kaplan, counsel John H. Runne and associate Elli Park. The tax team included partners Michael Mollerus and Patrick E. Sigmon, counsel Yixuan Long and associate Alex (Ang) Gao. Counsel Matthew R. Silver provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.

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