|[May 03, 2012]
Cincinnati Bell Announces Plans to Pursue Data Center IPO
CINCINNATI --(Business Wire)--
Cincinnati Bell (News - Alert) Inc. (NYSE: CBB) announced today that it intends to
pursue an initial public offering of shares of common stock of a company
that will be formed to own and operate CyrusOne (News - Alert), Cincinnati Bell's Data
Center business. Cincinnati Bell is assessing its ability to conduct the
CyrusOne business as a real estate investment trust to determine whether
it can pursue the offering under that structure.
Cincinnati Bell's objectives from the planned transaction are to execute
its growth strategy for the Data Center business, ultimately pay down
debt to amounts appropriate for the remaining telecommunications
company, and to maximize value for Cincinnati Bell's shareholders.
Cincinnati Bell intends to use a portion of the public offering proceeds
to repay indebtedness.
A registration statement relating to the common stock to be sold in the
initial public offering is expected to be filed with the Securities and
Exchange Commission, but has not been filed or become effective. This
announcement does not constitute an offer to sell or the solicitation of
an offer to buy any securities for sale. This announcement is being
issued pursuant to and in accordance with Rule 135 under the Securities
Act of 1933, as amended.
Cincinnati Bell will be discussing this announcement during its
previously scheduled first quarter 2012 earnings conference call today
at 5:00 p.m. (ET). A live webcast of the call will be available via the
Investor Relations section of www.cincinnatibell.com.
Safe Harbor Note
This release and the documents incorporated by reference herein contain
forward-looking statements regarding future events and our future
results that are subject to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other than
statements of historical facts, are statements that could be deemed
forward-looking statements. These statements are based on current
expectations, estimates, forecasts, and projections about the industries
in which we operate and the beliefs and assumptions of our management.
Words such as "expects," "anticipates," "predicts," "projects,"
"intends," "plans," "believes," "seeks," "estimates," "continues,"
"endeavors," "strives," "may," variations of such words and similar
expressions are intended to identify such forward-looking statements. In
addition, any statements that refer to projections of our future
financial performance, our anticipated growth and trends in our
businesses, and other characterizations of future events or
circumstances are forward-looking statements. Readers are cautioned
these forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties, which could
cause our actual results to differ materially and adversely from those
reflected in the forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, those
discussed in this release and those discussed in other documents we file
with the Securities and Exchange Commission (SEC (News - Alert)). More information on
potential risks and uncertainties is available in our recent filings
with the SEC, including Cincinnati Bell's Form 10-K report, Form 10-Q
reports and Form 8-K reports. Actual results may differ materially and
adversely from those expressed in any forward-looking statements. We
undertake no obligation to revise or update any forward-looking
statements for any reason.
About Cincinnati Bell Inc.
With headquarters in Cincinnati, Ohio, Cincinnati Bell (NYSE: CBB)
provides integrated communications solutions-including local, long
distance, data, Internet, entertainment and wireless services - that
keep residential and business customers in Greater Cincinnati and Dayton
connected with each other and with the world. In addition, Cincinnati
Bell provides best-in-class data center colocation services to its
enterprise customers through its facilities with fully redundant power
and cooling solutions that are currently located in the Midwest, Texas,
London and Singapore. Complementing the colocation products, Cincinnati
Bell also offers complex information technology solutions like managed
services and technology staffing. For more information, visit www.cincinnatibell.com.
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