Uniti Group Inc. Announces Refinancing of its Revolving Credit Facility

Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) announced today that it has entered into an amendment to its credit agreement that upsizes commitments from new and existing lenders under its senior secured revolving credit facility to $500 million. Under these commitments, the covenants have been revised to provide Uniti greater flexibility in pursuing its strategic initiatives, and, subject to certain conditions, the maturity date has been extended to December 10, 2024 with substantially improved pricing.

The amended credit facility provides that (i) upon receipt of routine regulatory approvals, new and extended commitments under Uniti’s amended 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.

“We are pleased to successfully complete the extension and expansion of our revolving credit facility. This marks another important advancement to improve Uniti’s financial profile, and we appreciate our lending institutions continued support,” commented Mark Wallace, Executive Vice President, Chief Financial Officer and Treasurer.

The amended 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 maturity. 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 facility will be $560 million from all lenders.

Bank of America acted as Left Lead Arranger and Bookrunner on the transaction.

ABOUT UNITI

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 wireless infrastructure solutions for the communications industry. As of September 30, 2020, Uniti owns 6.7 million fiber strand miles and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

INVESTOR AND MEDIA CONTACTS:

Mark A. Wallace, 501-850-0866
Executive Vice President, Chief Financial Officer & Treasurer
mark.wallace@uniti.com

Bill DiTullio, 501-850-0872
Vice President, Finance and Investor Relations
bill.ditullio@uniti.com