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Communications Sales & Leasing, Inc. Formed Through Spinoff

Creates First REIT Focused on Communication Distribution Systems


LITTLE ROCK, Ark., April 24, 2015 (GLOBE NEWSWIRE)

-- Communications Sales & Leasing, Inc., or CS&L, (Nasdaq: CSAL) today announced its formation as a public company with the completion of its spinoff from Windstream Holdings, Inc. ("Windstream"), creating what we believe to be the first real estate investment trust ("REIT") focused on acquiring and leasing communication distribution systems. CS&L's stock begins trading Monday, April 27, 2015, on the Nasdaq exchange under the symbol "CSAL." The company will be a member of the S&P 400 Midcap Index and expects to pay an annual dividend of $2.40 per share.

"We are excited today to launch our new company, Communications Sales & Leasing," said Kenny Gunderman, president and chief executive officer of CS&L. "We have assembled a leadership team with deep experience in telecommunications, REITs, capital markets and mergers and acquisitions. We look forward to growing our company and generating solid returns for shareholders."

Under the terms of the previously announced deal, Windstream today distributed approximately 80.1 percent of CS&L shares to Windstream shareholders of record as of 5 p.m. EDT on April 10, 2015. An ex-date of April 27, 2015, has been established by Nasdaq, so all trades through the close of business on April 24, 2015 carry the right to receive this distribution.

Windstream shareholders retained their Windstream shares and received one share of CS&L for every five shares of Windstream held. The spinoff is expected to be a tax-free distribution to Windstream shareholders and requires no action on their part. The two companies expect CS&L shares to be deposited into shareholders' accounts by April 30. Windstream shareholders will receive cash in lieu of fractional shares for amounts of less than one CS&L share.

In connection with the spinoff, CS&L completed its previously announced issuances of $400 million aggregate principal amount of 6.00% Senior Secured Notes due 2023 (the "Secured Notes") and $1.11 billion aggregate principal amount of the 8.25% Senior Notes due 2023 (the "Senior Notes" and, together with the Secured Notes, the "Notes"). CS&L initially issued all of the Notes to Windstream's subsidiary, Windstream Services, LLC ("Windstream Services"), which Windstream Services used to exchange for, and retire, certain of its outstanding indebtedness. Additionally, CS&L entered into a senior secured credit agreement consisting of a $2.14 billion term loan B facility with a maturity of seven and a half years and a $500 million revolving credit facility with a maturity of five years. A portion of the term loan facility was funded in cash and a portion was issued to Windstream Services, both of which CS&L used to acquire the communication distribution system assets from Windstream. The term facility bears interest at a rate equal to, at the company's option, either a base rate plus an applicable margin equal to 3.00% or a eurodollar rate plus an applicable margin equal to 4.00%. The Notes and the new credit facilities are guaranteed by certain of CS&L's subsidiaries. All obligations under the Secured Notes and the new credit facilities, and the guarantees of those obligations, are secured by certain of the assets of CS&L and the guarantors.

Real estate investment trusts are used for real property assets that produce rental income. In 2014, Windstream obtained a private letter ruling from the Internal Revenue Service confirming that certain telecommunications network assets constitute real estate assets under applicable REIT rules. With the close of the transaction, CS&L now owns 64,000 route miles of fiber, 235,000 route miles of copper, central office land and buildings across 29 states. CS&L will lease those assets back to Windstream through a 15-year, triple-net lease.

"We expect to diversify our tenant base by acquiring additional assets and leasing them to other local, regional and national telecommunications providers," Gunderman said. "This a great day for Communications Sales & Leasing, and we look forward to a bright future."

[R-BgO]

bisher schön abgeschmiert...

und 1 Mrd. negative EK

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inzwischen rebound

[R-BgO]

echt schräge Bilanz: 1,5x negativer Umsatz als EK

EV = 10x sales

[R-BgO]

Antwort auf Beitrag Nr.: 52.245.340 von R-BgO am 21.04.16 14:49:15

und der Markt

bietet sie munter weiter hoch: +60% seit ich meine Ansichtsstücke geholt habe...

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umbenannt in

Thread: Uniti Group