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MarketScreener Homepage  >  Equities  >  Nyse  >  Cincinnati Bell Inc.    CBB

CINCINNATI BELL INC.

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CINCINNATI BELL INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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05/11/2020 | 04:36pm EDT

ITEM 1.01- ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On May 7, 2020 (the "Closing Date"), Cincinnati Bell Inc. (the "Company"), together with certain of its U.S. and Canadian subsidiaries, made amendments to the Company's accounts receivables securitization program (the "Accounts Receivables Securitization Program"). In connection therewith, the Company entered into (i) the Second Amendment to the Receivables Purchase Agreement, dated as of the Closing Date, by and among Cincinnati Bell Funding LLC, a Delaware limited liability company and a wholly owned special purpose subsidiary of the Company ("CB Funding") as Seller, the Company as Servicer, and PNC Bank, National Association as Buyer (the "Second RPA Amendment") and (ii) the Third Amendment to the Receivables Financing Agreement, dated as of the Closing Date (the "Third RFA Amendment" and, together with the Second RPA Amendment, the "Amendments"), by and among CB Funding and Cincinnati Bell Funding Canada Ltd., an Ontario corporation, as Borrowers, the Company and OnX Enterprise Solutions Ltd., an Ontario corporation, as Servicers, the various Lenders, Letter of Credit Participants and Group Agents from time to time party thereto, PNC Bank, National Association, as Administrator and Letter of Credit Bank, and PNC Capital Markets, as Structuring Agent. The Amendments amend the Accounts Receivables Securitization Program to, among other things: (i) renew the facility for an additional 364 days, to May 6, 2021, with the Facility Termination Date (as defined in the Receivables Financing Agreement) extended to May 4, 2023, (ii) to reduce the facility's maximum capacity from its current $225,000,000 to $200,000,000, (iii) add additional provisions for a successor to LIBOR in the event LIBOR is no longer applicable, and (iv) make technical changes to account for the continued integration of the Company's Hawaiian Telcom and OnX acquisitions into the facility.

The foregoing descriptions of each of the Second RPA Amendment, and the Third RFA Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of each, copies of which are filed as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

ITEM 2.03- CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The disclosure set forth under Item 1.01 above is incorporated herein by reference.

ITEM 9.01- FINANCIAL STATEMENTS AND EXHIBITS





Exhibit No.      Description

  99.1           Second Amendment to the Receivables Purchase Agreement, dated as
                 of May 7, 2020, by and among Cincinnati Bell Funding LLC as
                 Seller, Cincinnati Bell Inc. as Servicer, and PNC Bank, National
                 Association, as Buyer.
  99.2           Third Amendment to the Receivables Financing Agreement, dated as
                 of May 7, 2020, by and among Cincinnati Bell Funding LLC and
                 Cincinnati Bell Funding Canada Ltd., as Borrowers, Cincinnati
                 Bell Inc. and OnX Enterprise Solutions Ltd., as Servicers, the
                 Lenders, Letter of Credit Participants and Group Agents from
                 time to time party thereto, PNC Bank, National Association, as
                 Administrator and Letter of Credit Bank, and PNC Capital
                 Markets, as Structuring Agent.




















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© Edgar Online, source Glimpses

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