Cincinnati Bell Inc. (NYSE: CBB) (“Cincinnati Bell” or “the
Company”), today announced the completion of its acquisition by
Macquarie Infrastructure Partners V (“MIP”), in an all-cash
transaction valued at approximately $2.9 billion, including debt
(the “Transaction”).
Cincinnati Bell also announced that, in connection with the
completion of the Transaction, it will redeem all of its issued and
outstanding 6 3/4% Cumulative Convertible Preferred Shares, without
par value (the “6 3/4% Preferred Shares”), and the corresponding
depositary shares, each representing a one-twentieth interest in a
6 3/4% Preferred Share (the “Depositary Shares”) (NYSE:
CBB.PRB).
The Transaction
The Transaction, which was originally announced on March 13,
2020, was approved by Cincinnati Bell’s shareholders on May 7,
2020. The completion of the Transaction follows the receipt of all
necessary regulatory approvals and satisfaction of other customary
closing conditions.
Under the terms of the merger agreement providing for the
Transaction, a controlled subsidiary of MIP was merged with and
into Cincinnati Bell, with Cincinnati Bell surviving the merger as
a controlled subsidiary of MIP. Each of Cincinnati Bell’s issued
and outstanding common shares (other than certain excluded shares)
was converted into the right to receive $15.50 per share in cash,
without interest.
In connection with the closing of the Transaction, effective
today, trading of Cincinnati Bell’s common shares has been
suspended on the New York Stock Exchange (the “NYSE”) and
Cincinnati Bell has requested that its common shares be delisted
from the NYSE.
Redemption of 6 3/4% Preferred Shares
On September 7, 2021, Cincinnati Bell will mail notices of
redemption to holders of Depositary Shares specifying the terms,
conditions and procedures for the redemption.
The Depositary Shares will be redeemed simultaneously with the
redemption of the 6 3/4% Preferred Shares on September 22, 2021, at
a redemption price of $50 per Depositary Share (equivalent to
$1,000 per 6 3/4% Preferred Share).
As a result of the redemption, holders of Depositary Shares as
of September 15, 2021 will receive a prorated quarterly cash
dividend on the Depositary Shares for the third quarter of 2021 on
October 1, 2021.
Payment for the Depositary Shares will be made by Computershare
Trust Company, N.A., as redemption agent. Questions regarding the
redemption may be directed to the redemption agent at:
Computershare Trust Company, N.A. Within USA, US territories
& Canada: (800) 546-5141 Outside USA, US territories &
Canada: (781) 575-2765
About Cincinnati Bell Inc.
With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc.
(NYSE: CBB) delivers integrated communications solutions to
residential and business customers over its fiber-optic and copper
networks including high-speed internet, video, voice and data.
Cincinnati Bell provides service in areas of Ohio, Kentucky,
Indiana and Hawaii. In addition, enterprise customers across the
United States and Canada rely on CBTS and OnX, wholly owned
subsidiaries, for efficient, scalable office communications systems
and end-to-end IT solutions. For more information, please visit
www.cincinnatibell.com. The information on the Company’s website is
not incorporated by reference in this press release.
About Macquarie Infrastructure Partners V
MIP is a fund managed by Macquarie Asset Management (“MAM”). MAM
provides specialist investment solutions to clients across a range
of capabilities including infrastructure & renewables, real
estate, agriculture, transportation finance, private credit,
equities, fixed income, and multi-asset solutions.
As of March 31, 2021, the MAM business had $US427 billion of
assets under management. MAM has over 1,900 staff operating across
20 markets in Australia, the Americas, Europe, and Asia.
MAM, through its affiliates, has been managing assets for
institutional and retail investors since 1980 in Australia and in
the United States, retail investors recognize the Delaware Funds®
by Macquarie family of funds as one of the longest-standing mutual
fund families, with more than 80 years in existence.
This press release does not constitute an advertisement or an
offer to sell any security or the solicitation of any offer to buy
an interest in MIP or any existing or future fund or investment
vehicle managed or advised by MAM and/or its affiliates or any
other security.
None of the entities referred to in this press release is an
authorised deposit-taking institution for the purposes of the
Banking Act 1959 (Commonwealth of Australia). The obligations of
these entities do not represent deposits or other liabilities of
Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not
guarantee or otherwise provide assurance in respect of the
obligations of that entity.
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version on businesswire.com: https://www.businesswire.com/news/home/20210907005547/en/
For more information:
Media – Cincinnati Bell: Josh Pichler Senior Manager,
Communications and Media Tel: (513) 565-0310 Email:
Josh.Pichler@cinbell.com
Investors – Cincinnati Bell: Josh Duckworth Vice
President of Treasury, Corporate Finance and Investor Relations
Tel: (513) 397-2292 Email: Joshua.Duckworth@cinbell.com
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