Cincinnati Bell ups loan to $540 million, flexes to Libor plus 300 bps

By Sara Rosenberg

New York, Aug. 19 - Cincinnati Bell Inc. increased the size of its seven-year term loan B to $540 million from $400 million and reduced pricing to Libor plus 300 basis points from the Libor plus 325 bps area, according to a market source.

Furthermore, the original issue discount on the B loan firmed at 991/4, the midpoint of the 99 to 99½ talk, the source said.

The loan still has a 1% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Recommitments were due at 5 p.m. ET on Monday, the source added.

Bank of America Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds from the term loan will be used to repay a portion of the company's 8¼% senior notes due 2017 and for general corporate purposes.

Cincinnati Bell is a Cincinnati-based provider of integrated communications solutions.

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