LITTLE ROCK, Ark., Oct. 21, 2016 (GLOBE NEWSWIRE) -- Communications Sales & Leasing, Inc. (“CS&L” or the “Company”) (Nasdaq: CSAL ) announced today it completed the repricing of $2.1 billion in term loans outstanding under its senior secured credit agreement. The interest rate decreased by 50 basis points to LIBOR plus 3.50% per annum (with a minimum LIBOR rate of 1.0%). The Company was also successful in amending certain provisions of its credit agreement to allow CS&L the flexibility to operate through an Up-REIT structure in the future.
“We believe the Up-REIT structure will facilitate future acquisition opportunities by providing us the ability to issue operating partnership units as a tax-efficient equity linked acquisition currency, and we are very pleased with the strong demand and support from our investors,” said Mark A. Wallace, CS&L’s Chief Financial Officer and Treasurer.
FORWARD-LOOKING STATEMENTS
Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations regarding potential future acquisitions and implementation of an Up-REIT structure. Words such as "anticipate(s)," "expect(s)," "intend(s)," “estimate(s),” “foresee(s),” "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could materially alter our expectations with regard to the forward-looking statements or which could cause actual results to differ materially from our expectations include, but are not limited to: the risk that we are unable to implement the Up-REIT structure or obtain the anticipated benefits from it, the risk that we are unable to identify merger and acquisition transactions or fully realize the potential benefits of merger and acquisition transactions or have difficulty integrating acquired companies; the risk that one or more governmental entities may deny approval to any such transaction; and additional factors discussed in the Risk Factors sections of our reports filed with the SEC.
CS&L expressly disclaims any obligation to release publicly any updates or revisions to any of the forward-looking statements set forth in this report to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based.
ABOUT CS&L
CS&L, 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. CS&L owns 4.2 million fiber strand miles, 86 wireless towers, and other communications real estate throughout the United States and Mexico. Additional information about CS&L can be found on its website at www.cslreit.com .
INVESTOR CONTACT: Mark A. Wallace, 501-850-0866 EVP, Chief Financial Officer & Treasurer mark.wallace@cslreit.com
