Item 1.01 Entry into a Material Definitive Agreement
Credit Agreement Amendment
On December 10, 2020, Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL
Capital, LLC (together, the "Borrowers"), each a subsidiary of Uniti Group Inc.
(the "Company"), entered into Amendment No. 7 (the "Amendment") to that certain
credit agreement, dated as of April 24, 2015 (as amended from time to time prior
to the date hereof, the "Credit Agreement") among the Borrowers, the guarantors
party thereto, Bank of America, N.A., as administrative agent, collateral agent,
swing line lender and an L/C issuer and certain other lenders named therein.
Pursuant to the Amendment, commitments from new and existing lenders under the
Credit Agreement's revolving credit facility (the "Revolving Credit Facility")
have increased to $500 million and, subject to certain conditions, the maturity
date of such commitments has been extended to December 10, 2024. As amended, the
Revolving Credit Facility provides that (i) upon receipt of routine regulatory
approvals, new and extended commitments under the Revolving Credit Facility will
bear interest at a rate of LIBOR plus 375 to 450 basis points, with 0% LIBOR
floor, depending on the Company's secured leverage ratio, and (ii) certain
limitations that were included in previous amendments to our credit agreement
have been modified or removed, including restrictions relating to debt
incurrence, restricted payments, and permitted investments.
The Revolving Credit Facility will be subject to an earlier maturity date of 91
days prior to the maturity of any outstanding debt with a principal amount of at
least $200 million, unless the Company's unrestricted cash balance plus
remaining revolving credit facility commitments exceeds the principal amount of
such debt at all times following such 91st day until the maturity of such
indebtedness. Certain non-extending lender commitments of approximately $60
million will mature on April 24, 2022 and will continue to bear interest at
rates previously in effect. Prior to the expiration of these commitments, the
aggregate size of the Revolving Credit Facility will be $560 million from all
lenders.
The foregoing description is qualified in its entirety by reference to the
Amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Description
10.1 Amendment No. 7 to the Credit Agreement, dated as of December 10, 2020,
among Uniti Group LP, Uniti Group Finance Inc. and CSL Capital LLC, as
borrowers, the guarantor party thereto, the lenders party thereto, and
Bank of America, N.A., as administrative agent and collateral agent.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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