S&P gives CSL notes B

S&P said it assigned its B issue-level rating and 2 recovery rating to CSL Capital LLC's upcoming $570 million of senior secured notes due 2028. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 75%) recovery in default. CSL Capital LLC is a wholly owned subsidiary of Uniti Group Inc.

The company will use the proceeds to repay its $550 million of 6% senior secured notes due 2023 and pay related fees and expenses.

“Because the transaction does not materially affect Uniti's credit metrics, our issuer credit rating and outlook on the company are unchanged. Furthermore, we view the transaction favorably because it helps extend Uniti's debt maturity profile,” S&P said in a press release.

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