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S&P rates CSL Capital notes CCC
S&P said it assigned its CCC issue-level rating and 6 recovery rating to CSL Capital LLC's proposed $750 million senior notes due 2029. CSL Capital LLC is a wholly owned subsidiary of Uniti Group Inc.
The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default.
The company will use the proceeds from these notes to fund a tender offer for up to $750 million of its 8¼% senior notes due 2023 and pay related fees and expenses.
“We view this debt transaction favorably because it would enable Uniti to reduce the approximately $5 billion of debt it has maturing from 2023 to 2025,” S&P said in a news release.
“Because the transaction will not affect Uniti's credit metrics, our B- issuer credit rating and stable outlook are unchanged,” the agency added in the release.
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