New Issue: Cincinnati Bell prices $275 million add-on to 8 3/8% notes due 2020 to yield 8.199%

By Paul A. Harris

St. Louis, Nov. 8 - Cincinnati Bell, Inc. priced a $275 million add-on to its 8 3/8% senior notes due Oct. 15, 2020 (B2/B+/) at 101.00 to yield 8.199% on Monday, according to an informed source.

The reoffer price came at the cheap end of the 101 to 101.50 price talk.

Deutsche Bank Securities Inc. ran the books for the quick-to-market sale.

The Cincinnati-based telecommunications company will use the proceeds to repay bank debt.

Issuer:	Cincinnati Bell, Inc.
Face amount:	$275 million
Proceeds:	$277.75 million
Maturity:	Oct. 15, 2020
Security description:	Add-on to 8 3/8% senior notes
Bookrunner:	Deutsche Bank Securities Inc.
Coupon:	8 3/8%
Price:	101.00
Yield:	8.199%
Spread:	615 bps
Call features:	Callable on Oct. 15, 2015 at 104.188, 102.792, 101.396, par on and after Oct. 15, 2018
Equity clawback:	35% at 108.375 until Oct. 15, 2013
Trade date:	Nov. 8
Settlement date:	Nov. 12
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	SEC registered
Price talk:	101 to 101.5
Marketing:	Quick-to-market
Original issue:	$500 million priced at par on Oct. 7, 2010
Total issue size:	$775 million

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