13D Filing: Searchlight Capital II PV, L.P. and Uniti Group Inc. (UNIT)

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CUSIP No. 91325V108		13D		Page 1 of 4 Pages

Explanatory Note

This Amendment No. 1 to Schedule 13D (this Amendment No. 1) amends and supplements the statement on Schedule 13D filed
with the United States Securities and Exchange Commission on June 27, 2016 (the Statement), relating to the common stock, $0.0001 par value per share, of Uniti Group Inc., formerly known as Communications Sales & Leasing
Inc. Capitalized terms used herein without definition shall have the meaning set forth in the Statement.

Item 1.

Security and Issuer.

Item 1 of the Statement is amended and restated in its entirety as follows:

This Statement relates to the common stock, $0.0001 par value per share (the Common Stock), of Uniti Group Inc. (the
Issuer), formerly known as Communications Sales & Leasing Inc., whose principal executive offices are located at 10802 Executive Center Drive, Benton Building Suite 300, Little Rock, AR 72211.

Item 4.

Purpose of Transaction.

Item 4 of the Statement is amended and restated in its entirety as follows:

Board Representation

Pursuant to
the terms of the Governance Letter Agreement, on August 9, 2016, Searchlight II CLS, L.P. (Searchlight CLS) appointed Andrew Frey to serve on the Issuers Board of Directors.

Credit Agreement and Security Agreement

On May 16, 2017, Searchlight CLS entered into a Credit Agreement with UBS AG, London Branch, as lender (UBS), pursuant to
which UBS agreed to make available to Searchlight CLS a term loan facility in aggregate principal amount not to exceed $40,000,000. The term loan facility will mature on June 7, 2019, but may be prepaid under certain circumstances.

Also on May 16, 2017, Searchlight CLS entered into an Amended and Restated Security Agreement (the Security Agreement) with
UBS pursuant to which Searchlight CLS has agreed to pledge its shares of the Issuers Common Stock, among other assets, as collateral to secure its obligations under the Credit Agreement.

General

The Reporting Persons acquired
the securities described in this Statement for investment purposes and they intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons
review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuers business, financial condition, operations and prospects; price levels of the Issuers securities; general market, industry and economic
conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.