Cincinnati Bell term loan B-2 better in trading with new equity raise announcement

By Sara Rosenberg

New York, Aug. 30 – Cincinnati Bell saw its term loan B-2 strengthen in the secondary market on Wednesday in reaction to news that the company raised new funding to support construction of its fiber networks.

The term loan B-2 rose to around 97¼ bid, 98¼ offered on Wednesday from around 95½ bid, 96½ offered on Tuesday as the company announced that it raised $600 million in new funding to support the continued construction of fiber networks throughout incumbent and expansion markets in Ohio, Kentucky, Indiana and Hawaii, according to a market source.

Also, Shearer’s Foods LLC’s first-lien term loan held steady in the secondary market, unmoved by a ratings upgrade by S&P Global Ratings, as the debt already trades in the par-plus context.

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