|[September 10, 2013]
Cincinnati Bell Closes on $540 Million Term Loan B Facility
CINCINNATI --(Business Wire)--
Cincinnati Bell (News - Alert) 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.
Safe Harbor Note
This release may contain forward-looking statements regarding future
events and our future results that are subject to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, are statements
that could be deemed forward-looking statements. These statements are
based on current expectations, estimates, forecasts, and projections
about theindustries in which we operate and the beliefs and assumptions
of our management. Words such as "expects," "anticipates," "predicts,"
"projects," "intends," "plans," "believes," "seeks," "estimates,"
"continues," "endeavors," "strives," "may," variations of such words and
similar expressions are intended to identify such forward-looking
statements. In addition, any statements that refer to projections of our
future financial performance, our anticipated growth and trends in our
businesses, and other characterizations of future events or
circumstances are forward-looking statements. Readers are cautioned
these forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties, which could
cause our actual results to differ materially and adversely from those
reflected in the forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, those
discussed in this release and those discussed in other documents we file
with the Securities and Exchange Commission (SEC (News - Alert)). More information on
potential risks and uncertainties is available in our recent filings
with the SEC, including Cincinnati Bell's Form 10-K report, Form 10-Q
reports and Form 8-K reports. Actual results may differ materially and
adversely from those expressed in any forward-looking statements. We
undertake no obligation to revise or update any forward-looking
statements for any reason.
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 (News - Alert) (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.
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