Cincinnati Bell Inc. (NYSE: CBB) today announced that it has amended its existing corporate credit agreement to, among other things, incorporate a new $540 million Term Loan B Facility due September 2020 (“the Facility”). The Facility, which was upsized from the $400 million in aggregate principal amount initially sought by the company, is guaranteed by certain subsidiaries of Cincinnati Bell Inc. and includes customary terms and covenants. Pricing on the Facility was set at LIBOR plus 300 basis points (with a LIBOR floor of 1.00%) and 0.75% of original issue discount.
The company intends to use the net proceeds of the Facility, anticipated to be approximately $530 million after the original issue discount, fees and expenses, to redeem all of the $500 million of outstanding 8.25% Senior Notes due 2017 and to pay the associated redemption premium and accrued and unpaid interest.
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About Cincinnati Bell Inc.
With headquarters in Cincinnati, Ohio, Cincinnati Bell (NYSE: CBB) provides integrated communications solutions - including local and long distance voice, data, high-speed internet, entertainment and wireless services - that keep residential and business customers in Greater Cincinnati and Dayton connected with each other and with the world. In addition, enterprise customers across the United States rely on CBTS, a wholly-owned subsidiary, for efficient, scalable office communications systems and end-to-end IT solutions. Cincinnati Bell also is the majority owner of CyrusOne (NASDAQ: CONE), which provides best-in-class data center colocation services to enterprise customers through its facilities with fully redundant power and cooling solutions that are currently located in the Midwest, Texas, Arizona, London and Singapore. For more information, please visit www.cincinnatibell.com.