Uniti Slashes Dividend but Downplays Risk From Windstream Bankruptcy; Outlook Disappoints Us
As we thought would be necessary, Uniti cut its $0.60 quarterly dividend, bringing it to $0.05 this quarter, as the firm fights for its survival in the wake of Windstream's bankruptcy (Windstream accounts for two thirds of Uniti's revenue). To avoid breaching debt covenants that would have been triggered by Uniti failing to receive going concern confidence from its auditor, Uniti agreed to limit dividends. Despite the cut, management maintained a positive outlook regarding Windstream, implying t...Uniti Group is a real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The company's four lines of business are: Uniti Fiber, which is a provider of infrastructure solutions, including cell site backhaul and small cell for wireless operators and ethernet; Uniti Towers, which constructs and leases space on communications towers to wireless service providers and other tenants; Uniti Leasing, which is engaged in acquiring communications assets, such as fiber, data centers, consumer broadband, coaxial and upgradeable copper; and Talk America Services, LLC, which provides local telephone, high-speed internet and long distance service.
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