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Uniti Group greenshoe lifts 4% exchangeables to $345 million
By Wendy Van Sickle
Columbus, Ohio, June 28 – Underwriters for Uniti Group Inc.’s 4% exchangeable notes due June 15, 2024 fully exercised their $45 million greenshoe, bringing the total deal size to $345 million, according to a news release.
The company priced $300 million of the convertibles prior to the market open on Wednesday at par with an initial exchange premium of 32.5%, as previously reported.
Pricing came at the rich end of talk for a coupon of 4% to 4.5% and an initial exchange premium of 27.5% to 32.5%.
The notes will be issued by subsidiary Uniti Fiber Holdings Inc.
Barclays (lead left), Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are active bookrunners for the Rule 144A deal.
BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are passive bookrunners.
The notes are contingently convertible until March 15, 2024.
They are non-callable until June 20, 2022 and then subject to a 130% hurdle or callable at any time subject to a tax event.
They will be settled in cash, shares of Uniti Group, or a combination of both at the company’s option.
In connection with the pricing, the company will enter into convertible note hedge transactions.
The company has also entered into an amendment to its credit agreement to extend the maturity of its revolving credit facility to April 24, 2022.
Proceeds will be used to cover the cost of the call spread, to repay $101.6 million of borrowings under its revolving credit facility in connection with the amendment to the credit agreement, to repay additional borrowings under the revolver and for general corporate purposes, which may include funding acquisitions.
Uniti Group is a Little Rock, Ark.-based real estate investment trust.
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