Cincinnati Bell Inc. (CBB) announced the pricing of its public offering of $500 million aggregate principal amount of senior notes due 2017. The notes will bear interest at a rate of 8.25% per annum, payable semi-annually on April 15 and October 15, and the first interest payment date will be April 15, 2010.
The 8-year notes were priced at 98.562% of par to yield 8.5%, resulting in net proceeds to Cincinnati Bell of $482.8 million after deducting underwriting discounts and commissions.
The company plans to use the net proceeds of the offering to call the company's outstanding 71/4% senior notes due 2013 in an amount of $440 million plus accrued interest and call premium, and for other general corporate purposes.
The company expects the issuance and delivery of the senior notes to occur on October 5.
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