Communications Sales & Leasing (CS&L) completed the repricing of $2.1 billion in term loans outstanding under its senior secured credit agreement. The interest rate decreased by 50 basis points to LIBOR+3.50% per annum (with a minimum LIBOR rate of 1.0%). The company also amended certain provisions of its credit agreement to allow the flexibility to operate through an Up-REIT structure in the future.

“We believe the Up-REIT structure will facilitate future acquisition opportunities by providing us the ability to issue operating partnership units as a tax-efficient equity linked acquisition currency, and we are very pleased with the strong demand and support from our investors,” said Mark A. Wallace, CS&L’s chief financial officer and treasurer.

According to a related 8-K filing, the repricing was achieved by amending CS&L’s senior secured credit agreement dated April 24, 2015 with Bank of America as administrative agent and collateral agent.

The original agreement provided for a term loan B facility in an initial principal amount of $2.14 billion (which has since been reduced to $2,113.3 million as a result of amortization payments) maturing on October 24, 2022 and a $500 million revolving credit facility that matures and terminates on April 24, 2020.

The amendment replaced the existing term loans with new term loans that had substantially similar terms other than the applicable interest rate and the period of time for which prepayment premiums in respect of certain repricing transactions apply.