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Uniti Group Inc. Announces Pricing of Convertible Notes Offering
LITTLE ROCK, Ark., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Uniti Group Inc. (the “Company”, “Uniti”, or “we”) (Nasdaq: UNIT) today announced that it has priced its
About this update from Uniti Group Inc.
[{"type":"text","content":"LITTLE ROCK, Ark., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Uniti Group Inc. (the “Company”, “Uniti”, or “we”) (Nasdaq: UNIT) today announced that it has priced its previously announced offering of $300 million aggregate principal amount of 7.50% convertible senior notes due 2027 (the “Convertible Notes”). The Company granted to the initial purchasers of the Convertible Notes an option to purchase up to an additional $45 million aggregate principal amount of the Convertible Notes during a 13-day period beginning on, and including, the first day on which the Convertible Notes are issued. The offering is expected to settle on December 12, 2022, subject to customary closing conditions. The Convertible Notes will be general senior unsecured obligations of the Company, guaranteed by each of the Company’s subsidiaries that is an issuer, obligor or guarantor under its existing senior notes other than certain regulated subsidiaries that the Company expects will guarantee the Convertible Notes after the closing of the offering. The Convertible Notes will bear interest at a fixed rate of 7.50% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2023. The Convertible Notes will mature on December 1, 2027, unless earlier repurchased, redeemed or converted. Prior to September 1, 2027, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Convertible Notes will be convertible on the terms set forth in the indenture into cash, shares of common stock of the Company (the “Common Stock”), or a combination thereof, at the Company’s election. The conversion rate will initially be 137.1742 shares of Common Stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $7.29 per share of Common Stock). The initial conversion price of the Convertible Notes represents a premium of approximately 20% to the $6.075 closing price of the Common Stock on the Nasdaq Global Select Market on December 7, 2022. The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur ...