Cincinnati Bell Inc. Announces Amendment and Extension of Consent Solicitation for Its 7 1/4% Senior Notes Due 2013
CINCINNATI--(BUSINESS WIRE)--Jan. 26, 2005--Cincinnati Bell Inc. (NYSE:CBB) (the "Company") announced today that it has amended and extended its pending solicitation of consents from holders of its 7 1/4% Senior Notes due 2013 (the "Notes") to amend the Indenture governing the Notes.
The amendments to the solicitation have increased the consent payment from $12.50 to $17.50 for each $1,000 principal amount of Notes for which a consent is properly and timely delivered from holders of record as of 5:00 p.m., New York City time, on January 11, 2005. In addition, the proposed amendment to the Indenture to revise the restricted payments formula has been replaced with an exception specifically limited for repurchases of the Company's 16% Senior Subordinated Discount Notes due 2009. In addition, the Company's previously contemplated issuance of $350 million of senior unsecured notes will be replaced with a financing of up to $250 million aggregate principal amount of new senior unsecured notes and at least $100 million aggregate principal amount of new senior subordinated unsecured notes.
Based on informal discussions with certain holders, the Company believes the revised terms of the solicitation are acceptable to holders of a majority in aggregate principal amount of the Notes.
The new expiration date will be 5:00 p.m., New York City time, on Friday, January 28, 2005, unless further extended.
For a complete statement of the terms and conditions of the consent solicitation, holders of the Notes should refer to the Consent Solicitation Statement dated January 11, 2005 and the Supplement to such Consent Solicitation Statement dated January 26, 2005.
Holders who have previously delivered consents need not take any further action in order to receive the amended consent payment.
The Solicitation Agents in connection with the consent solicitation are Banc of America Securities LLC ("BAS") and Credit Suisse First Boston LLC ("CSFB"). Questions regarding the consent solicitation may be directed to BAS at 888-292-0070 (toll-free) or 704-388-4813 (collect) or to CSFB at 800-820-1653 (toll free) or 212-538-0652 (collect). Citigate Financial Intelligence is serving as Information Agent in connection with the consent solicitation. Requests for assistance in delivering consents or for additional copies of the Consent Solicitation Statement should be directed to the Information Agent at 877-746-3583 (toll-free) or 201-499-3500 (collect). The Bank of New York is serving as Tabulation Agent for the Consent Solicitation.
About Cincinnati Bell Inc.
Cincinnati Bell Inc. (NYSE: CBB) is parent to one of the nation's most respected and best performing local exchange and wireless providers with a legacy of unparalleled customer service excellence. Cincinnati Bell provides a wide range of telecommunications products and services to residential and business customers in Ohio, Kentucky and Indiana. Cincinnati Bell is headquartered in Cincinnati, Ohio. For more information, visit www.cincinnatibell.com.
Safe Harbor Note
Certain of the statements and predictions contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In particular, any statements, projections or estimates that include or reference the words "believes," "intends", "anticipates," "plans," "expects," "will," or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including but not limited to, Cincinnati Bell's ability to maintain its market position in communications services, including for wireless, wireline and internet services, general economic trends affecting the purchase or supply of telecommunication services, world and national events that may affect the ability to provide services, changes in the regulatory environment, any rulings, orders or decrees that may be issued by any court or arbitrator, restrictions imposed under our various credit facilities and debt instruments, work stoppages caused by labor disputes, and Cincinnati Bell's ability to develop and launch new products and services. More information on potential risks and uncertainties is available in the company's recent filings with the Securities and Exchange Commission, including Cincinnati Bell's annual Form 10-K report, quarterly Form 10-Q reports and Forms 8-K. The forward-looking statements included in this release represent the company's estimates as of January 26, 2005. The company anticipates that subsequent events may cause its estimates to change.
CONTACT: Cincinnati Bell Inc. Michael Vanderwoude, 513.397.7685 email@example.com SOURCE: Cincinnati Bell Inc.