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Communications Sales & Leasing proposes amendments to credit agreement

CommunicationsSales & Leasing Inc. is seeking amendments to its existingsenior credit agreement, including modifications of certain provisions to allowit to operate through a customary "up-REIT" structure.

The umbrella partnership real estate investment truststructure is meant to facilitate future acquisition opportunities by giving thecompany the ability to use operating partnership units as a tax-efficientacquisition currency for transactions involving certain assets and limitedliability companies.

The company said it does not expect that it will requireconsent from holders of its outstanding senior secured notes or senior notes inorder to implement the up-REIT structure.

The amendments to the credit agreement also seek to fullyreprice the company's existing term loans.

Consummation of the amendment is subject to multiple factorsincluding agreements with lenders and market conditions. There is no guaranteethat the company will successfully enter the amendment agreement.