Cincinnati Bell calls 6.75% cumulative convertible preferred shares

By Rebecca Melvin

Concord, N.H., Sept. 7 – Cincinnati Bell Inc. is calling its outstanding 6.75% cumulative convertible preferred shares following the completion of Macquarie Infrastructure Partners V’s acquisition of the company, according to a company release on Tuesday.

The corresponding depositary shares will be redeemed on Sept. 22 at a redemption price of $50 per depositary share, which is equivalent to $1,000 per preferred.

As a result of the redemption, holders of depositary shares as of Sept. 15 will receive a prorated quarterly cash dividend on the depositary shares for the third quarter of 2021. The dividend will be paid on Oct. 1.

Under the terms of the all-cash merger agreement valued at about $2.9 billion, a controlled subsidiary of Macquarie Infrastructure was merged with and into Cincinnati Bell, with Cincinnati Bell surviving the merger as a controlled subsidiary of Macquarie Infrastructure. Each of Cincinnati Bell’s issued and outstanding common shares was converted into the right to receive $15.50 per share in cash, without interest.

Payment for the depositary shares will be made by Computershare Trust Co. NA (800 546-5141, 781 575-2765) as redemption agent.

Cincinnati Bell is a Cincinnati-based owner, operator and developer of enterprise-class, carrier-neutral data center properties.

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