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Cincinnati Bell completes in-demand tender offer for 8 3/8%, 8¼% notes
By Jennifer Chiou
New York, Nov. 28 - Cincinnati Bell Inc. announced that it accepted for purchase $91 million of its $775 million of 8 3/8% senior notes due 2020 and none of its $500 million of 8¼% senior notes due 2017 in the $100 million tender offer that ended at 11:59 p.m. ET on Nov. 27.
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 tendered. The overall tenders rose to $478,599,000 for the 8 3/8% notes and $382,697,000 of the 8¼% notes at the final deadline.
As previously reported, the total purchase price was $1,097.50 for each $1,000 principal amount of notes, which included a $30.00 early premium for notes tendered by the early tender date.
Holders also received accrued interest up to but excluding the Nov. 20 settlement date.
Those who tendered after the early deadline were to receive $1,067.50 per $1,000 of notes.
The offers were 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) were the dealer managers. D.F. King & Co., Inc. (800 431-9633, attn: Elton Bagley) was the information agent.
Cincinnati Bell is a Cincinnati-based owner, operator and developer of enterprise-class, carrier-neutral data center properties.
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