|
Cincinnati Bell Inc., 6 3/4% Dep Shares Cumul Convertible Preferred Stock
Ticker Symbol: CBB-B* CUSIP: 111620407 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/22/2021
Security has been Partially Called for: Wednesday, September 22, 2021
September 7, 2021 -- Cincinnati Bell Inc. (NYSE: CBB) (“Cincinnati Bell” or “the Company”), today announced the completion of its acquisition by Macquarie Infrastructure Partners V (“MIP”), in an all-cash transaction valued at approximately $2.9 billion, including debt (the “Transaction”).
Cincinnati Bell also announced that, in connection with the completion of the Transaction, it will redeem all of its issued and outstanding 6 3/4% Cumulative Convertible Preferred Shares, without par value (the “6 3/4% Preferred Shares”), and the corresponding depositary shares, each representing a one-twentieth interest in a 6 3/4% Preferred Share (the “Depositary Shares”) (NYSE: CBB.PRB).
Oct. 05, 2016 -- Cincinnati Bell Inc. today announced the completion of its previously announced 1-for-5 reverse stock split of its outstanding and treasury common shares effective as of 11:59 p.m. Eastern Time, on October 4, 2016. As of the open of the market on October 5, 2016, the Company’s common shares will begin trading on a split-adjusted basis on the New York Stock Exchange under the unchanged symbol “CBB”.
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Cincinnati Bell, now BroadWing Inc., now Cincinnati Bell Inc., Depositary Shares each representing 1/20 of a share of the 6 3/4% Cumulative Convertible Preferred Stock, liquidation value $50 per depositary share, redeemable at the issuer's option on or after 4/05/2000 at $50 per share plus accrued and unpaid dividends, and with no stated maturity. Distributions of 6 3/4% ($3.375) per annum are paid quarterly on 1/1, 4/1, 7/1 & 10/1. The preferred shares are convertible any time at the holder's option into 1.442 common shares of Cincinnati Bell Inc. (NYSE: CBB), an initial conversion price of $34.674 (calculated) per common share (the common stock has been reverse split 1 for 5 on 10/4/16 and these numbers have not been adjusted for the reverse split). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See page 81 of the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below. The Cincinnati Bell 6 3/4% Convertible Preferred Stock was issued during the 1999 merger with IXC in exchange for the IXC 6 3/4% Preferred Stock.
|
Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conv Shrs Conv Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
|
6.75%
$3.38
|
$50.00
$50.00
|
Partial Call
9/22/2021
None
|
Caa1
CCC-
1/28/2021
|
1.442
$34.674
|
1/1, 4/1, 7/1 & 10/1
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
|
YES
|
Go to Parent Company's Record (CBB)
IPO - 11/10/1999 - 3.11 Million Shares @ $50.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: BRW-B
Previous Name: Broadwing Inc., 6 3/4% Dep Shares Cum Conv Pfd Stock Changed: 5/27/2003
Market Value $109.0 Million
Company's Online Information Links
|
Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 201 East Fourth Street, Cincinnati, OH 45202 |
Main Phone Number |
513-397-9900 |
Fax Number |
513-397-5092 |
Investor Relations
Kei Lawson
|
513-565-0510
|
Toll Free Phone Number |
800-345-6301 |
CEO - John F. Cassidy |
CFO - Kurt A. Freyberger |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|