Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Cincinnati Bell Inc. > News item |
Cincinnati Bell reaches offer cap in early tender of 8 3/8%, 8¼% notes
By Toni Weeks
San Diego, Nov. 13 - Cincinnati Bell Inc. announced the early results for its cash tender offers for up to $100 million of its $775 million outstanding 8 3/8% senior notes due 2020 and its $500 million outstanding 8¼% senior notes due 2017. The notes are listed in order of priority acceptance level.
As of 5 p.m. ET on Nov. 9, the early tender date, $475,817,000 of the 8 3/8% notes and $379,482,000 of the 8¼% notes were validly tendered. The company said that because the 8 3/8% notes have a higher priority level than the 8¼% notes, it does not anticipate accepting for purchase any of the 8¼% notes.
As previously reported, the total purchase price will be $1,097.50 for each $1,000 principal amount of notes, which includes a $30.00 early premium for notes tendered by the early tender date.
Holders also will receive accrued interest up to but excluding the settlement date, which is expected to be Nov. 20 for early tendered notes.
The company also said because the offer has already been oversubscribed, it does not expect to accept for purchase any notes tendered after the early tender date. Those who tendered after the early deadline were to receive $1,067.50 per $1,000 of notes.
The tender offers will expire at 11:59 p.m. ET on Nov. 27.
The offers are conditioned on CyrusOne LP and CyrusOne Finance Corp. having closed their offering of at least $500 million principal amount of new senior notes due 2022. As reported by Prospect News, the companies priced an upsized $525 million issue of 10-year senior notes at par to yield 6 3/8% on Nov. 6.
Barclays (800 438-3242 or collect 212 528-7581, attn: liability management group) and Morgan Stanley & Co. LLC (800 624-1808 or collect 212 761-1057) are the dealer managers. D.F. King & Co., Inc. (800 431-9633, attn: Elton Bagley) is the information agent.
Cincinnati Bell is a Cincinnati-based owner, operator and developer of enterprise-class, carrier-neutral data center properties.
© 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.