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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Fri., Jul. 1, 5:49 AM

Slide #13. Communications Sales & Leasing, Inc. Secondary Offering

Company: Communications Sales & Leasing, Inc. (NASDAQ:CSAL)
Date announced: 6/21/2016
Shares Offered: 14,681,071
Date of Pricing: 6/21/2016
Price Per Share: $26.01
Secondary Offering Details: Communications Sales & Leasing, Inc. ("CS&L" or the "Company") (Nasdaq:CSAL) announced today the pricing of the previously announced secondary public offering by Citigroup Global Markets Inc. ("Citigroup"), as selling shareholder, of 14,681,071 shares of common stock (the "Shares") of the Company, at a public offering price of $26.01 per share. The Company will not receive any proceeds from the disposition of Shares in this offering. Prior to the closing of the offering, Windstream Holdings, Inc. ("Windstream"), the Company's former parent company, will exchange the Shares (which constitute its entire remaining position in the Company's common stock) for indebtedness of Windstream with certain creditors in a debt-for-equity exchange. Following the debt-for-equity exchange, Citigroup will acquire the Shares from such creditors. Citigroup, as selling shareholder, is selling those Shares pursuant to this offering. The offering is expected to close on June 24, 2016, subject to customary closing conditions. To the extent the underwriters sell more than 14,681,071 Shares, the Company has granted the underwriters the option to purchase up to 2,202,160 additional shares of the Company's common stock. The underwriters can exercise this right at any time within 30 days after this offering.

Communications Sales & Leasing is a self-administered real estate investment trust (REIT) primarily engaged in the ownership, acquisition and leasing of communication distribution systems. Co. operates a residential Consumer Competitive Local Exchange Carrier (CLEC) Business through its taxable REIT subsidiary (TRS). The TRS, Talk America, is an indirect wholly owned subsidiary of Co. and provides local telephone, high-speed Internet and long distance service to approximately 54,000 customers principally located in 17 states across the eastern and central United States as of Dec. 31, 2014. Talk America is also a reseller of communications services.

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Company Name:  Communications Sales & Leasing Inc
Sector:  REITs
Number of ETFs Holding CSAL:  31
Total Market Value Held by ETFs:  $205.21M
Total Market Capitalization:  $4.21B
% of Market Cap. Held by ETFs:  4.88%
 

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July 1, 2016    5:49 AM Eastern
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Strong Buy (3.50 out of 4)
68th percentile
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