Several corporate moves to note today:
Fresh off its acquisition of Tower Cloud, now part of its Uniti Fiber subsidiary, CS&L is getting ready for the next deal. In an SEC filing they announced plans to amend their senior secured credit agreement to allow them to use an upREIT structure should they choose to. The details of what that means are best left to the tax guys, but basically it makes it easier for CS&L to use its equity for future acquisitions.
Consolidated Communications has gotten some autumn balance sheet work in. They've refinanced their secured term debt, issuing incremental term loans of $900M due 2023 with which they will pay off $885M of existing debt due 2020. They also now have a revolving loan facility of $110M, up from $75M before. The new structure will supposedly save them some $2M per year and add flexibility for future acquisitions.
And a familiar face out in the APAC region is on the rise again. The Indian giant Reliance Communications has named Bill Barney Co-CEO alongside Gurdeep Singh. The two will be taking over the role of fomer CEO Vinod Sawhny, who stepped down at the end of last month. Barney will continue to lead Global Cloud Xchange, Reliance's international cloud connectivity subsidiary and the operator of its submarine cable footprint.
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