Davis Polk advised Communications Sales & Leasing, Inc. (“CS&L”) in connection with an underwritten public offering of 14,681,071 shares of common stock of CS&L (the “Underwritten Shares”) sold by the selling shareholder, and 2,202,160 shares of common stock of CS&L (the “Option Shares”) sold by CS&L pursuant to the option provided for in the underwriting agreement. Windstream Holdings, Inc. (“Windstream”), CS&L’s former parent company, exchanged the Underwritten Shares for the satisfaction of certain indebtedness of Windstream with certain creditors in a debt-for-equity exchange. Following the debt-for-equity exchange, the selling shareholder acquired the underwritten shares from such creditors and sold the underwritten shares pursuant to this offering. CS&L did not receive any proceeds from the disposition of the underwritten shares and intends to use the proceeds from the sale of the option shares for general corporate purposes, including acquisitions.

 

CS&L, 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 wireless infrastructure solutions for the communications industry. CS&L currently owns 3.9 million fiber strand miles, 85 wireless towers and other communications real estate throughout the United States and Mexico.

 

The Davis Polk corporate team included partner Michael Kaplan and associates Alice Z. Chen, Donald Shum and Yolanda Min. The tax team included partner Michael Mollerus and associate Anne E. McGinnis. All members of the Davis Polk team are based in New York.

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