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The City of Greendale has approved a partnership with Cincinnati Bell to establish a high-speed broadband fiber network, covering approximately 2,200 locations. Set to roll out over the next 24 months, this initiative requires an investment of $625,000 from the city and $2.5 million from Cincinnati Bell. The project aims to enhance digital equity, supporting work-from-home, virtual learning, and telehealth. Cincinnati Bell has invested over $1 billion in fiber infrastructure since 2010 and aims to provide quality fiber connections to underserved areas.
Cincinnati Bell has completed its acquisition by Macquarie Infrastructure Partners V in an all-cash deal valued at approximately $2.9 billion. As part of the acquisition, each common share was converted to $15.50 in cash. Following the merger, trading of Cincinnati Bell's shares has been suspended on the NYSE, and the company has requested delisting. Additionally, Cincinnati Bell plans to redeem all its 6 3/4% Preferred Shares on September 22, 2021, at $50 per Depositary Share, providing a prorated cash dividend for shareholders.
The Cincinnati Metropolitan Housing Authority (CMHA) has partnered with Cincinnati Bell to provide high-speed Internet to over 1,200 families across six housing properties. This initiative is part of Cincinnati Bell’s UniCity Smart City program, aiming to bridge the digital divide by offering free Internet connectivity at locations including Marianna Terrace and Ralph Street, with more locations to follow by the end of 2021. This partnership aims to enhance access to education, healthcare, and job resources for families.
Cincinnati Bell is expanding its fiber network in Campbell, Kenton, and Boone Counties, committing $181 million to provide gigabit Internet to all 207,000 addresses in the next 24-36 months. This initiative will serve 95,000 new addresses, enhancing digital equity and access to essential services. Agreements with local counties will deliver fiber Internet to 17,600, 37,000, and 40,000 previously unserved or underserved addresses, respectively. Additionally, $1.1 million will be invested in Smart City initiatives to improve local quality of life.
CBTS announces an expansion of its Managed Microsoft solutions to support the evolving needs of a mobile workforce. As a certified Microsoft partner, CBTS leverages advanced technologies including AI and machine learning to optimize workloads and reduce costs.
The company's Application Development Services will enhance application flexibility and cloud readiness, while improving operational efficiency. CBTS's long-term partnership with Microsoft positions it to lead in cloud transformation and digital solutions.
Cincinnati Bell announced an extension for the expiration time of its consent solicitations regarding amendments to various indentures governing its notes. The new expiration time is set for 5:00 p.m. on September 9, 2021. As of July 9, 2021, significant consent percentages have been received: 98.53% for 2024 Notes and 97.18% for 2025 Notes. The company has obtained the requisite consents for amendments to the 2024 and 2025 Notes Indentures. Consent from holders of the 2023 and 2028 Notes remains pending, requiring at least 66-2/3% approval.
Cincinnati Bell is partnering with Colerain Township to provide free high-speed public WiFi in four local parks, funded by a Community Development Block Grant. This initiative aims to bridge the digital divide and enhance visitors' experiences. The parks benefiting from this project include Skyline Park, Groesbeck Park, Wert Park, and Clippard Park. Township Administrator Geoff Milz emphasized the importance of this connectivity for residents and visitors. The UniCity Smart City program by Cincinnati Bell underpins this effort, showcasing their commitment to smart solutions.
Cincinnati Bell announced an extension of the expiration time for its consent solicitations regarding proposed amendments to various indentures governing its outstanding notes, including 7.14% Notes due 2023 and 8.00% Senior Notes due 2025. The new expiration time is set for 5:00 p.m. on July 9, 2021. As of June 4, 2021, consent levels were reported at 41.45% for 2023 Notes and over 97% for 2024 and 2025 Notes. The company has received sufficient consent for amendments to the 2024 and 2025 Notes Indentures, but not yet for the 2023 and 2028 Notes.
Cincinnati Bell has partnered with the Dayton Housing Authority to provide complimentary high-speed Internet to approximately 143 residents of Jamestown Village, a 45-unit affordable housing community in Dayton, Kentucky. This initiative, part of Cincinnati Bell's UniCity Smart City program, aims to enhance digital equity by supporting remote learning, work, and telehealth applications. Executive Director Gordon Henry emphasized the importance of accessibility in today's world, highlighting this project as a foundational step for future enhancements in the community.
Cincinnati Bell has extended the expiration time for its consent solicitations regarding amendments to various indentures governing its 2023, 2024, 2025, and 2028 Notes. The new expiration is set for June 4, 2021, at 5:00 PM New York City time. As of May 21, 2021, consent percentages include 40.65% for 2023 Notes, 98.53% for 2024 Notes, 97.16% for 2025 Notes, and 44.59% for 2028 Notes. The company has obtained the necessary consents for the 2024 and 2025 Notes but still requires two-thirds consent from holders of the 2023 and 2028 Notes for proposed amendments.
