Cincinnati Bell gets $2.09 billion debt commitment for buyout

By Sara Rosenberg

New York, March 19 – Cincinnati Bell Inc. has received a commitment for $1.6 billion of senior secured credit facilities and $493 million of senior bridge loans to help fund its acquisition by Macquarie Infrastructure Partners, according to a PRER14A filed with the Securities and Exchange Commission on Thursday.

Goldman Sachs Bank USA, Regions Capital Markets and Societe Generale provided the credit facilities commitment. Goldman Sachs provided the bridge loans commitment.

The credit facilities consist of a $250 million revolver and $1.35 billion of term loans.

Under the agreement, Cincinnati Bell will be purchased for $15.50 per share in a cash transaction valued at about $2.9 billion, including debt.

Macquarie Infrastructure and Ares Management Corp. have agreed to provide about $891 million of equity for the transaction.

Closing is expected in the first half of 2021, subject to customary conditions, including the approval by Cincinnati Bell’s shareholders, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of other regulatory approvals.

Cincinnati Bell is a Cincinnati-based provider of integrated communications solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.