Uniti Group Inc.

Please note that the below was updated on 4 October, 2022 to reflect a correction in the ISIN for the 6% bonds due 2030 issued by Uniti Group LP from USU20316AA08 to USU91473AB15 (Regulation S) and US91327AAB89 (Rule 144A).

On April 15, 2021, the 8.25% bonds due 2023, issued by Uniti Group LP, ISIN US20341WAD74 (the “Original Reference Obligation”) were redeemed in whole, thereby constituting a Substitution Event under Section 2.11(a)(i) of the 2014 ISDA Credit Derivatives Definitions (the “2014 Definitions).

We request that the Determinations Committee determine, with respect to transactions for which Uniti Group Inc. is the Reference Entity and the Original Reference Obligation is the Reference Obligation, that the 6% bonds due 2030, issued by Uniti Group LP (ISIN USU91473AB15  (Regulation S) and US91327AAB89 (Rule 144A)) are now the Substitute Reference Obligation. Because the Original Reference Obligation contained a revocable guarantee provided by Uniti Group Inc., it was a Non-Conforming Reference Obligation pursuant to Section 3.2(a) of the 2014 Definitions. Since the Original Reference Obligation was a Non-Conforming Reference Obligation as of the Substitution Event Date, then pursuant to the first step of the substitution waterfall for Non-Conforming Reference Obligations in Section 2.10(c)(iii)(B)(I) of the 2014 Definitions, the Substitute Reference Obligation should be a Non-Conforming Substitute Reference Obligation. The 6% bonds due 2030 (ISIN USU91473AB15  (Regulation S) and US91327AAB89 (Rule 144A)) are a Non-Conforming Substitute Reference Obligation under Section 2.15 of the 2014 Definitions since they are an obligation that is non-conforming for the same reason as the Original Reference Obligation was immediately prior to the Substitution Event Date (i.e., having a similar revocable guarantee from Uniti Group Inc).

Also note that the Reference Entity is a long-term constituent/component of various series of CDX HY Index. This determination is important to align contracts traded for many years with respect to this Reference Entity and also to provide Markit with guidance regarding an appropriate benchmark RED bond for future contracts.

Link to Original Reference Obligation and latest supplement: https://www.sec.gov/Archives/edgar/data/1620280/000119312515147341/d910956dex42.htm https://www.sec.gov/Archives/edgar/data/1620280/000095010321001633/dp145509_ex0403.htm

Link to guarantee of Original Reference Obligation: https://www.sec.gov/Archives/edgar/data/1620280/000110465917031184/a17-12744_1ex4d2.htm

Link to proposed Substitute Reference Obligation (Article 10 has the guarantee and 10.06 has the release/revocation provisions): https://www.sec.gov/Archives/edgar/data/1620280/000095010321015859/dp159744_ex0401.htm

Link to Original Reference Obligation
Link to latest supplement for the Original Reference Obligation
Link to guarantee of Original Reference Obligation:
Link to proposed Substitute Reference Obligation: