S&P rates Uniti notes B

S&P said it rated Uniti Fiber Holdings Inc.’s planned $1.75 billion of senior secured notes due 2028 B with a 2 recovery rating. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in default. The issuer is a wholly-owned subsidiary of Uniti Group Inc.

The agency last reviewed Uniti Fiber’s B senior secured and 2 recovery ratings on Nov. 17.

The company will use about $1.4 billion of the proceeds to partially repay its $2.25 billion of 7 7/8% senior secured notes due 2025, fully repay $275 million outstanding under its $500 million revolving credit facility due 2024 and pay related fees and expenses.

The outlook is stable.

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