Simpson Thacher Represents Initial Purchasers in Connection With Uniti Fiber's $345 Million Exchangeable Senior Notes Offering and Dealers in Concurrent Bond Hedge and Warrant Transactions
07.02.19
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The Firm recently represented the initial purchasers on certain matters in the offering of $345 million aggregate principal amount of 4% Exchangeable Senior Notes due 2024 by Uniti Fiber Holdings Inc. (“Uniti Fiber”), which includes the full exercise of the initial purchasers’ option to purchase additional notes. The notes are exchangeable into cash, shares of common stock of Uniti Group Inc. ("Uniti"), an indirect parent of Uniti Fiber, or a combination thereof. The net proceeds were used to repay a portion of the outstanding borrowings under Uniti's revolving credit facility and to pay the cost of the exchangeable note hedge transactions (after such cost is partially offset by the proceeds to Uniti from the warrant transactions) and for general corporate purposes.
In addition, the Firm represented one or more of the initial purchasers and/or their respective affiliates in connection with exchangeable bond hedge transactions and warrant transactions entered into concurrently with such notes offering.
Uniti (NASDAQ: UNIT), an internally managed REIT, 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.
The Simpson Thacher team included Roxane Reardon and Sunny Cheong (Capital Markets); Jonathan Lindabury and Michael Ratay (Derivatives); and Marcy Geller and Edward Grais (Tax).