April 10, 2017 / 11:14 AM / 4 months ago

BRIEF-Uniti Group to acquire Southern Light

1 Min Read

April 10 (Reuters) - Uniti Group Inc -

* To acquire Southern Light

* Deal for approximately $700 million in cash and equity

* Expects to achieve annual run-rate cost savings related to acquisition of southern light of $10 million within 24 months after closing

* Deal consideration consists of $635 million in cash and issuance of approximately 2.5 million operating partnership units

* Transaction is intended to be leverage neutral on a pro forma basis following expected permanent financing

* Expects to fund transaction with cash on hand, proceeds from potential debt or equity financings, borrowings under revolving credit facility

* Received committed financing from CitiGroup, JPMorgan Chase Bank, N.A. and RBC Capital Markets LLC for entire cash portion of purchase price

* Expects to fund transaction with cash on hand, proceeds from potential debt or equity financings and borrowings under revolving credit facility Source text for Eikon: Further company coverage:

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