Uniti Group Inc. Announces Extension of its Revolving Credit Facility

Rhea-AI Summary

LITTLE ROCK, Ark., March 27, 2023 – Uniti Group Inc. (Nasdaq: UNIT) announced an amendment to its credit agreement that extends the maturity date of its senior secured revolving credit facility to September 24, 2027, pending regulatory approvals. The amendment transitions the $500 million facility from LIBOR to Term SOFR with a credit spread adjustment of ten basis points. Senior Vice President, Paul Bullington, stated that this extension allows over 97% of Uniti's outstanding debt to mature in 2027 or later. Bank of America acted as Left Lead Arranger for the transaction.

Positive

• Extension of credit facility maturity to September 24, 2027 enhances financial stability.
• Transition to Term SOFR from LIBOR may lead to more favorable borrowing conditions.
• Over 97% of outstanding debt now matures in 2027 or later, reducing refinancing risks.

Negative

• None.

LITTLE ROCK, Ark., March 27, 2023 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced that it has entered into an amendment to its credit agreement that, upon receipt of routine regulatory approvals, extends the maturity date of each lender’s commitment under the Company’s senior secured revolving credit facility to September 24, 2027. The amendment also transitions the $500 million revolving credit facility from LIBOR to Term SOFR, and in connection with that change, sets the credit spread adjustment to ten basis points for all interest periods.  

“We are pleased to have successfully completed the extension of our revolving credit facility and we greatly appreciate the continued support of our lending institutions. Taking into account this transaction and our other recent successful debt refinancings, over 97% of our outstanding debt matures in 2027 or later,” commented Paul Bullington, Senior Vice President, Chief Financial Officer & Treasurer.

Bank of America acted as Left Lead Arranger on the transaction.

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 December 31, 2022, Uniti owns approximately 135,000 fiber route miles, 8.0 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.

INVESTOR AND MEDIA CONTACTS:

Paul Bullington, 251-662-1512
Senior Vice President, Chief Financial Officer & Treasurer
paul.bullington@uniti.com

Bill DiTullio, 501-850-0872
Vice President, Investor Relations & Treasury
bill.ditullio@uniti.com

FAQ

What did Uniti Group announce on March 27, 2023?

Uniti Group announced an amendment to its credit agreement extending the maturity of its revolving credit facility to September 24, 2027.

What is the impact of the credit facility amendment for Uniti?

The amendment allows over 97% of Uniti's outstanding debt to mature in 2027 or later, enhancing financial stability.

What financial change is included in Uniti's credit facility amendment?

The amendment transitions the $500 million facility from LIBOR to Term SOFR with a ten basis points credit spread adjustment.

Who acted as Left Lead Arranger for Uniti's credit facility amendment?

Bank of America acted as the Left Lead Arranger for the transaction.