Uniti inaugural $589 million fiber securitization notes offering

Davis Polk advised Uniti Group Inc. in connection with a Rule 144A and Regulation S offering of $589 million fiber securitization notes consisting of $426 million 5.9% Series 2025-1, Class A-2 term notes, $65 million 6.4% Series 2025-1, Class B term notes and $98 million 9.0% Series 2025-1, Class C term notes issued by Uniti Fiber ABS Issuer LLC and Uniti Fiber TRS Issuer LLC, which are limited-purpose, bankruptcy-remote, indirect subsidiaries of Uniti. The notes will be secured by certain fiber network assets and related customer contracts in the State of Florida and the Gulf Coast region of Louisiana, Mississippi and Alabama.

Uniti used a portion of the net proceeds to repay and terminate its existing ABS bridge facility, and it intends to use the remainder of the net proceeds to fund a partial redemption of its 10.50% senior secured notes due 2028 and for general corporate purposes.

Uniti, 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 fiber and other wireless solutions for the communications industry.

The Davis Polk corporate team included partner Michael Kaplan, counsel John H. Runne and associates Marquis J. Pullen and Courtney Wax. The finance team included partners Meyer C. Dworkin and Christopher Nairn-Kim and counsel Jonathan B. Brown and Andrei Takhteyev. Partner Brian D. Hirsch, counsel Lawrence R. Plotkin and associate Paulina P. Lerner provided real estate advice. All members of the Davis Polk team are based in the New York office.