UNIT - Why Uniti Group Shares Are Trading Lower | Benzinga
Uniti Group Inc (NASDAQ:UNIT) shares are trading lower by 11.2% to $3.94 during Monday’s session after the company announced plans for a $300 million offering of 10.50% Senior Secured Notes due 2028 by its subsidiaries.
The notes will be guaranteed by the company and its subsidiaries, secured by first-priority liens on their assets. Regulatory approval is pending for some subsidiaries to guarantee the notes. Once approved, the notes are expected to be exchanged for additional notes under an existing indenture.
Proceeds will be used for general corporate purposes, possibly including funding for the merger with Windstream, subject to various conditions. If successful, the bridge facility commitments related to the Windstream merger will be reduced to ...