Cincinnati Bell Inc. Announces Extension Of Expiration Time With Respect To Previously Announced Consent Solicitations For 7 1/4% Notes Due 2023, 7.000% Senior Notes Due 2024, 8.000% Senior Notes Due 2025 And 6.30% Debentures Due 2028
Cincinnati Bell has extended the expiration time for its consent solicitations related to proposed amendments for its outstanding notes, including the 7.25% Notes due 2023 and the 6.30% Debentures due 2028. The new expiration time is set for 5:00 p.m. on May 21, 2021. As of May 14, 2021, notable consent percentages include 36.81% for the 2023 Notes and 98.53% for the 2024 Notes. The company has already secured the necessary consents for the amendments to the 2024 and 2025 Notes Indentures. Further details are outlined in the Consent Solicitation Statement.
- Successfully secured requisite consents for proposed amendments to the 2024 and 2025 Notes Indentures, allowing for bondholder approval.
- High consent rates observed for the 2024 Notes at 98.53% and 2025 Notes at 97.14%, indicating strong support from bondholders.
- Only 36.81% consent received for the 2023 Notes, below the needed 66.67%, which could affect amendment approvals.
- Only 43.44% consent received for the 2028 Notes, also below the required threshold for binding approvals.
CINCINNATI, May 17, 2021 /PRNewswire/ -- Cincinnati Bell Inc. ("Cincinnati Bell" or the "Company") today announced that it is extending the expiration time (the "Expiration Time") for its previously announced solicitations of consents (the "Consent Solicitations") with respect to certain proposed amendments to the (i) indenture, dated as of July 1, 1993 (as supplemented and amended, the "2023 Notes Indenture") governing its 71/4% Notes due 2023 (the "2023 Notes"), (ii) indenture, dated as of September 22, 2016 (as supplemented and amended, the "2024 Notes Indenture") governing its
The Expiration Time for the Consent Solicitations has been extended to 5:00 p.m., New York City time, on May 21, 2021 (the "New Expiration Time").
Other than with respect to the New Expiration Time, the terms of the Consent Solicitations described in the Consent Solicitation Statement (as defined below) remain unchanged. Holders of Notes who have already validly delivered their consents pursuant to the Consent Solicitations need not take any additional action in order to deliver their consents.
As of 5:00 p.m., New York City time, on May 14, 2021 and according to information received by D.F. King & Co., Inc.,
The Company has obtained the Requisite Consents for the Proposed Amendments to the 2024 Notes Indenture and the 2025 Notes Indenture. The consents of the holders of the 2023 Notes and the 2028 Notes of not less than 66-2/
The Consent Solicitations are being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated April 8, 2021 (as supplemented by the Company's press releases dated April 23, 2021, May 3, 2021 and May 10, 2021 and the additional information described above and as may be further amended or supplemented from time to time, the "Consent Solicitation Statement"). The Company may, in its sole discretion, terminate, further extend or amend the Consent Solicitations at any time as described in the Consent Solicitation Statement.
This press release is for informational purposes only and the Consent Solicitations are being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement. Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. The Consent Solicitation Statement does not constitute a solicitation of consents in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable federal securities or blue sky laws.
Copies of the Consent Solicitation Statement may be obtained from D.F. King & Co., Inc., the Information and Tabulation Agent, at (212) 269-5550 (banks and brokers), (866) 388-7452 (all others, toll free), or email at cbb@dfking.com. Holders of the Notes are urged to review the Consent Solicitation Statement for the detailed terms of the Consent Solicitations and the procedures for consenting to the Proposed Amendments. Any persons with questions regarding the Consent Solicitations should contact the Solicitation Agent, Goldman Sachs & Co. LLC, at (212) 902-6351 (collect).
About Cincinnati Bell Inc.
With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. (NYSE: CBB) delivers integrated communications solutions to residential and business customers over its fiber-optic and copper networks including high-speed internet, video, voice and data. Cincinnati Bell provides service in areas of Ohio, Kentucky, Indiana and Hawaii. In addition, enterprise customers across the United States and Canada rely on CBTS and OnX for efficient, scalable office communications systems and end-to-end IT solutions. For more information, please visit www.cincinnatibell.com. The information on Cincinnati Bell's website is not incorporated by reference in this press release.
Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements in this communication contain forward-looking statements regarding future events and 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 the industries 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," "will," "may," "proposes," "potential," "could," "should," "outlook," or variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of future financial performance, anticipated growth and trends in businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause 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: (i) the risk that the Acquisition may not be completed in a timely manner or at all; (ii) the possibility that any or all of the various conditions to the consummation of the Acquisition may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Acquisition, including in circumstances which would require Cincinnati Bell to pay a termination fee or other expenses; (iv) the effect of the announcement or pendency of the Acquisition on Cincinnati Bell's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (v) risks related to diverting management's attention from Cincinnati Bell's ongoing business operations; (vi) the risk that shareholder litigation in connection with the Acquisition may result in significant costs of defense, indemnification and liability; (vii) risks related to the recent outbreak of COVID-19 (more commonly known as the Coronavirus), including the risk that the receipt of certain approvals required to consummate the Acquisition may be delayed; and (viii) (A) those discussed in Cincinnati Bell's Form 10-K report, Form 10-Q reports and Form 8-K reports, and (B) those discussed in other documents Cincinnati Bell filed with the SEC. Actual results may differ materially and adversely from those expressed in any forward-looking statements. Cincinnati Bell undertakes no, and expressly disclaims any, obligation to revise or update any forward-looking statements for any reason, except as required by applicable law.
For further information please contact:
Media – Cincinnati Bell: Josh Pichler Senior Manager, Communications and Media Tel: (513) 565-0310 Email: Josh.Pichler@cinbell.com | Investors – Cincinnati Bell: Josh Duckworth Vice President of Treasury, Corporate Finance and Investor Relations Tel: (513) 397-2292 Email: Joshua.Duckworth@cinbell.com |
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