Uniti Group (UNIT) Company Report

Uniti Group Inc. announced the pricing of $960.1 million aggregate principal amount of secured fiber network revenue term notes by its subsidiary, Kinetic ABS Issuer LLC.
The offering includes three series of notes (Class A-2, Class B, and Class C) with interest rates ranging from 5.219% to 7.653%, and a weighted average coupon rate of approximately 5.689%, all with an anticipated repayment date in February 2031.
These notes will be secured by residential fiber network assets in Arkansas, Georgia, Kentucky, Ohio, and Texas, with the offering expected to close on January 30, 2026.
Uniti intends to use the net proceeds for general corporate purposes, which may include success-based capital expenditures and/or repayment of outstanding debt.

4 days ago

8-K

Uniti Group Prices $960.1 Million Fiber Securitization Notes Offering

UNIT

Debt Issuance

New Projects/Investments

Uniti Group Inc. (UNIT) announced the pricing of an offering for $960,100,000 aggregate principal amount of secured fiber network revenue term notes.
The notes, consisting of Series 2026-1, Class A-2, Class B, and Class C term notes, have a weighted average coupon rate of approximately 5.689% and an anticipated repayment date in February 2031.
The offering is expected to close on January 30, 2026, with the notes secured by residential fiber network assets in Arkansas, Georgia, Kentucky, Ohio, and Texas.
Uniti intends to use the net proceeds for general corporate purposes, which may include success-based capital expenditures and/or repayment of outstanding debt.

5 days ago

Press Release

Uniti Group Inc. Announces Launch of Secured Fiber Network Notes Offering

UNIT

Debt Issuance

New Projects/Investments

Uniti Group Inc. (UNIT) announced an offering of $960,100,000 aggregate principal amount of secured fiber network revenue term notes through its subsidiary, Kinetic ABS Issuer LLC.
The notes are expected to have an anticipated repayment date in February 2031 and will be secured by residential fiber network assets and customer agreements in Arkansas, Georgia, Kentucky, Ohio, and Texas.
Uniti 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.
The Issuer also expects to enter into a $150,000,000 variable funding note facility and a liquidity funding note facility.

Jan 8, 2026, 3:13 PM

Press Release

Uniti Group Updates on Windstream Merger, Fiber Build, and Capital Strategy

UNIT

M&A

New Projects/Investments

Debt Issuance

Uniti Group has closed its merger with Windstream and is targeting $100 million of run rate annual synergies over the first three years, with integration focused on corporate functions while maintaining modularity for business segments.
The company plans to accelerate its fiber-to-the-home build to reach 3.5 million homes passed by 2029 (from 1.9 million today), projecting a cost to pass of $850-$950 in 2026 and beyond.
Uniti is "very bullish" on Asset-Backed Securitization (ABS), with plans for a Kinetic ABS issuance in the first half of 2026 and an estimated $3 billion-$4 billion of ABS capacity long-term.
Leverage is expected to increase during the Kinetic fiber build investment cycle, with deleveraging anticipated towards the end of the build, targeting 3.5 million homes by 2029.
The AI opportunity is considered "generational" and is driving significant demand for dark fiber, with a current funnel of $1.7 billion in total contract value.

Dec 2, 2025, 4:30 PM

Transcript

Uniti Group Discusses Post-Merger Integration, Fiber Build Plans, and Funding Strategy

UNIT

M&A

New Projects/Investments

Debt Issuance

Uniti Group has closed its merger with Windstream and targets $100 million in run rate annual synergies over the first three years.
The company aims to expand its Kinetic fiber-to-the-home build to 3.5 million homes passed by 2029, ramping up the build pace to 400,000 homes per year by Q1 or Q2 2026. The projected cost to pass is $850-$950 in 2026 and beyond.
Uniti is experiencing significant AI-driven demand in its Fiber Infrastructure segment, with a $1.7 billion total contract value funnel for hyperscaler dark fiber deals.
The company plans a Kinetic ABS issuance in the first half of 2026, expecting to raise $750 million to $1 billion in the near term, with a long-term capacity of $3 billion to $4 billion.
Leverage is anticipated to increase during the fiber build investment cycle, with deleveraging expected after the build concludes around 2029.

Dec 2, 2025, 4:30 PM

Transcript

Uniti Group Provides Update on Windstream Merger, Fiber Build, and Capital Strategy

UNIT

M&A

New Projects/Investments

Debt Issuance

Uniti Group has closed its merger with Windstream and targets $100 million in run rate annual synergies over the first three years, with most of the work still ahead.
The company plans to increase its fiber-to-the-home build pace to an average of 400,000 homes passed per year by Q1 or Q2 2026, aiming for 3.5 million homes passed by 2029. The projected cost to pass for 2026 and beyond is $850-$950, with an average return on investment in the high teens.
The Fiber Infrastructure segment has a $1.7 billion funnel for hyperscaler demand, primarily for dark fiber IRU deals that provide upfront cash to offset capital expenditures.
Uniti Group is bullish on ABS financing, anticipating a Kinetic ABS issuance in H1 2026 and identifying $3 billion-$4 billion in long-term ABS capacity. Leverage is expected to increase during the fiber build investment cycle, with delevering anticipated towards the end of the build by 2029.

Dec 2, 2025, 4:30 PM

Transcript

Uniti Group Discusses Post-Merger Strategy, Fiber Build, and Financial Outlook

UNIT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Uniti Group has completed its merger with Windstream, which is expected to improve capital allocation, reduce the cost of capital, and open new financing avenues such as Asset-Backed Securitizations (ABS).
The company aims to achieve 3.5 million fiber passings by the end of 2029, with the build engine expected to be fully ramped up by Q2 2026. The projected cost per passing is $850-$950, which is below industry benchmarks.
Uniti Group forecasts its full consolidated corporate revenue and EBITDA to inflect in 2027, primarily driven by the growth from its fiber network and increased penetration.
The company has secured $840 million through ABS financings and estimates a $3 billion-$4 billion ABS capacity at Kinetic. Hyperscaler deals are anticipated to begin impacting the P&L in 2026.
Target terminal fiber penetration is a blended 40%, with expected sustainable ARPU growth of 2-3% in the long term.

Nov 18, 2025, 5:30 PM

Transcript

Uniti Group CFO Discusses Windstream Merger Benefits and Fiber Build Targets

UNIT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Uniti Group recently closed its merger with Windstream, which is expected to improve cost of capital, provide full strategic control over assets, and offer a more comprehensive product set. The merger is anticipated to generate approximately $100 million in annual run rate synergies.
The company targets 3.5 million fiber passings by the end of 2029, with the build engine expected to be fully ramped by Q2 2026. The cost per passing is projected to be $850-$950, which is below industry benchmarks, and the fiber build plan aims for high teens expected IRRs.
Uniti Group expects significant milestones, including fiber subscribers outnumbering DSL subscribers by the end of 2025, fiber revenue surpassing copper DSL in H1 2026, and consolidated corporate revenue and EBITDA inflecting in 2027.
The company plans to leverage the ABS market for funding, with an estimated $3 billion-$4 billion capacity. Additionally, hyperscaler opportunities are growing, with the funnel 5x larger than a year ago, and these deals are expected to impact the P&L starting in 2026.

Nov 18, 2025, 5:30 PM

Transcript

Uniti Group Discusses Windstream Merger Benefits and Fiber Build Strategy

UNIT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Uniti Group recently closed its merger with Windstream, which is expected to improve capital allocation, reduce the cost of capital, and provide strategic control over assets.
The company targets 3.5 million fiber passings by the end of 2029, with the build engine expected to be fully ramped by Q2 2026. The cost per passing is projected at $850-$950, which is lower than industry benchmarks.
Uniti Group anticipates its full consolidated corporate revenue and EBITDA to inflect in 2027, driven by the fiber build and increased penetration.
Asset-backed securitization (ABS) will be a significant part of the funding strategy, with an estimated $3 billion-$4 billion capacity. Hyperscaler opportunities are also expected to impact the P&L starting in 2026.
The merger is expected to generate approximately $100 million in annual run rate synergies by bringing offnet expenses onnet.

Nov 18, 2025, 5:30 PM

Transcript

UNIT Reports Q3 2025 Results and Provides 2025 Outlook

UNIT

Earnings

Guidance Update

M&A

Uniti (UNIT) closed its merger with Windstream during Q3 2025, positioning itself as a premier insurgent fiber provider with a scaled national wholesale fiber footprint.
The company reported strong fiber revenue growth of 13% in Q3 2025, with Kinetic consumer fiber revenue growing 26% year over year. Kinetic added 24,000 net new fiber subscribers, reaching 507,000 total fiber subscribers and 1.8 million homes passed.
For 2025, Uniti expects consolidated revenue of $2.2 billion and adjusted EBITDA of $1.1 billion at the midpoint of its as-reported outlook.
Uniti refinanced $2.3 billion of debt, saving approximately $60 million in annual interest expense, and anticipates ending 2025 with combined net leverage between 5.5 times and 6 times.
The company is accelerating its fiber build, increasing active third-party crews to 115 (aiming for 400 by Q2 2026), and expects to catch up on homes passed targets in Q1 2026 following Q3 permitting delays.