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Get filing alertsUniti closes $1.14B fiber network securitization, second such issuance in 2026
Filed July 17, 2026 · Period ending July 15, 2026 · ~1 min read
Key Changes
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Issued $1.14B in secured fiber network revenue term notes across three tranches (5.834%–7.536%), bringing total securitized debt to $2.1B following a $960M inaugural issuance in January 2026.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Approximately $91.1M of proceeds held in prefunding account pending regulatory approval for Oklahoma fiber assets; funds will prepay notes if approvals not obtained by July 30, 2027.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Notes carry anticipated repayment date of June 2033 with significant step-up (minimum 5% additional interest) if not repaid or refinanced by that date, creating strong refinancing incentive.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Net proceeds earmarked for general corporate purposes, potentially including success-based capital expenditures or debt repayment.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Transaction creates a direct financial obligation through bankruptcy-remote subsidiary backed by fiber network assets and residential customer contracts across nine states.
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
Summary
Uniti Group closed its second fiber network securitization of 2026, raising $1.14 billion through three tranches of secured notes with rates ranging from 5.834% to 7.536%. The issuance brings the company's total securitized debt to $2.1 billion, following a $960 million inaugural transaction in January.
The securitization is structured through a bankruptcy-remote subsidiary and backed by fiber-to-the-home assets and residential customer contracts across nine states. The transaction includes a $91.1 million prefunding mechanism for pending Oklahoma fiber assets, with regulatory approval required by July 30, 2027. If approvals are not obtained, those funds will prepay a portion of the notes.
The notes carry an anticipated repayment date of June 2033 with a significant interest rate step-up (minimum 5% additional per annum) if not repaid or refinanced by that date, creating a strong economic incentive for Uniti to address the debt before the step-up triggers. The company plans to use net proceeds for general corporate purposes, potentially including success-based capital expenditures or debt repayment. For holders, the securitization demonstrates Uniti's ability to access capital markets and monetize its fiber infrastructure, though the growing securitized debt stack now totals $2.1 billion and will require refinancing or repayment within seven years to avoid penalty rates.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 is incorporated by reference into Item 2.03.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
As of the closing of the transactions on July 15, 2026, the Issuer has $2,100,810,000 aggregate principal amount of revenue term notes outstanding, $0 principal amount of variable funding notes outstanding and $0 principal amount of liquidity funding notes outstanding.
Following this issuance, Uniti's securitization vehicle now has $2.1 billion in total revenue term notes outstanding. The company has no variable funding notes or liquidity funding notes currently drawn, though it maintains a liquidity facility that was increased and extended in connection with this transaction.
Added in current filing · verify on EDGAR →
The Company intends to use the net proceeds from the offering for general corporate purposes, which may include success-based capital expenditures and/or repayment of outstanding debt.
Uniti plans to use the net proceeds for general corporate purposes, potentially including success-based capital expenditures or debt repayment. The securitization structure allows the company to monetize its fiber-to-the-home assets at attractive rates while maintaining operational control through its subsidiaries.
Added in current filing · verify on EDGAR →
If the Issuer has not repaid or refinanced the Series 2026-2 Term Notes prior to the Term ARD, additional interest will accrue thereon in an amount equal to the greater of (i) 5.00% per annum and (ii) the amount, if any, by which the sum of the following exceeds the interest rate for such Series 2026-2 Term Note: (A) the yield to maturity (adjusted to a “mortgage-equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Term ARD for such Series 2026-2 Term Note of the United States treasury security having a remaining term closest to 10 years plus (B) 5.00% plus (C) the post-ARD note spread applicable to such Series 2026-2 Term Notes.
The notes carry a significant interest rate step-up if not repaid or refinanced by the June 2033 anticipated repayment date. Additional interest of at least 5% per annum will accrue, creating a strong incentive for Uniti to refinance or repay before that date. The legal final maturity extends to June 2058, but the step-up mechanism makes extension economically unattractive.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 19, 2026 · How we verify