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Uniti Uniti Group Inc. Reports First Quarter 2021 Results May 6 , 2021 8:05 PM EDT Issued $ 570 Million of Senior Secured Notes ; No Significant Debt Maturities Until 2024 • Revenues of $ 272.6 Million for the First Quarter • Net Loss of $ 0.02 Per Diluted Common Share for the First Quarter • AFFO Per Diluted Common Share of $ 0.41 for the First Quarter • Updates 2021 Outlook LITTLE ROCK , Ark . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Uniti Group Inc. ( " Uniti ” or the “ Company ” ) ( Nasdaq : UNIT ) today announced its results for the first quarter 2021 . " Uniti continues to see robust demand across all of its business segments , translating into the strong results we reported this quarter . This demand is being driven by further network densification efforts by our wireless customers in support of broader rollout of enhanced communication infrastructure technologies within our markets , including 5G services . We also continue to make significant progress on our lease - up efforts at both Uniti Leasing and Uniti Fiber by leveraging our national network of 125,000 route miles of valuable fiber , " commented Kenny Gunderman , President and Chief Executive Officer . Mr. Gunderman continued , “ Through our recent refinancing transactions , Uniti's financial profile has improved substantially , providing the Company with increased flexibility to pursue our strategic initiatives . We continue to expect to see solid growth across all of our businesses this year , driven by high margin , recurring lease - up across our Uniti Leasing and Uniti Fiber networks . " QUARTERLY RESULTS Consolidated revenues for the first quarter of 2021 were $ 272.6 million . Net loss and Adjusted EBITDA were $ 4.5 million and $ 214.2 million , respectively , for the same period . Net loss attributable to common shares was $ 4.7 million for the period and included $ 4.1 million of transaction related and other costs . Adjusted Funds From Operations ( " AFFO " ) attributable to common shareholders was $ 103.1 million , or $ 0.41 per diluted common share , an increase of 7 % when compared to the first quarter of 2020 . Uniti Fiber contributed $ 77.7 million of revenues and $ 29.7 million of Adjusted EBITDA for the first quarter of 2021 , achieving Adjusted EBITDA margins of approximately 38.3 % , up from 35.6 % Adjusted EBITDA margins in the first quarter of 2020 , primarily due to the wind down of our lower margin construction related business . Uniti Fiber's net success - based capital expenditures during the quarter were $ 34.0 million , and maintenance capital expenditures were $ 2.0 million . Uniti Leasing contributed revenues of $ 194.9 million and Adjusted EBITDA of $ 191.5 million for the first quarter , representing growth of 6 % and 5 % , respectively , when compared to the first quarter of 2020. During the quarter , Uniti Leasing deployed $ 42.7 million towards growth capital investment initiatives . FINANCING TRANSACTIONS On April 15 , 2021 , Uniti redeemed all remaining outstanding 8.25 % Senior Unsecured Notes due 2023 ( " 2023 Notes ” ) . Uniti received the remaining required regulatory approvals relating to the previously announced amendment to its credit agreement on April 17 , 2021 . As a result , the new and extended commitments under the Company's revolving credit facility that mature in December 2024 now bear interest at a rate of LIBOR plus 400 basis points based on our current secured leverage ratio . On April 20 , 2021 , the Company closed on the issuance of $ 570 million of Senior Secured Notes due April 2028 ( " 2028 Notes " ) . The 2028 Notes bear interest at 4.75 % and were issued at par . The proceeds from the offering were used to redeem in full the outstanding 6.00 % Senior Secured Notes due 2023 on May 6 , 2021 . LIQUIDITY At quarter - end , the Company had approximately $ 522.5 million of unrestricted cash and cash equivalents , and undrawn borrowing availability under its revolving credit agreement . The Company's leverage ratio at quarter - end was 5.83x based on Net Debt to Annualized Adjusted EBITDA . On May 4 , 2021 , the Company's Board of Directors declared a quarterly cash dividend of $ 0.15 per common share , payable on July 2 , 2021 to stockholders of record on June 18 , 2021 . The redemption of the 2023 Notes and 2028 Notes is expected to generate approximately $ 25 million of annualized cash interest savings . UPDATED FULL YEAR 2021 OUTLOOK The Company is updating its 2021 outlook for the impact of our 4.75 % senior secured notes offering and related redemption , the impact of transaction related and other costs incurred to date , and estimates of depreciation and amortization . Our outlook excludes future acquisitions , capital market transactions , and future transaction related and other costs not mentioned herein . Actual results could differ materially from these forward - looking