CINCINNATI BELL INC: Conclusion of a Material Definitive Agreement, Creation of a Direct Financial Commitment, or an Off-Balance Sheet Agreement of a Registrant, Annual Financial Statements and Exhibits (Form 8-K)
ITEM 1.01 – ENTRY IN A MATERIAL DEFINITIVE AGREEMENT
On April 9, 2021 (the “Closing Date”), Cincinnati Bell Inc. (the “Company”), along with some of its US and Canadian subsidiaries, made changes to the Company’s receivables securitization program (the “Trade Receivables Securitization Program” ) Before “). In this regard, the Company (i) entered into the third amendment to the Purchase Agreement for Receivables from and on the reporting date from and under Cincinnati Bell Funding LLC, a Delaware limited company and a wholly owned special purpose vehicle of the Company (” CB Funding “) as the seller, the Company as the servicer and PNC Bank, National Association as the buyer (the” Third RPA Amendment “), and (ii) the fourth amendment to the Accounts Receivable Agreement as of the Effective Date (the” Fourth RFA Amendment “and along with of the third RPA change the “Changes”) by and between CB Funding and Cincinnati Bell Funding Canada Ltd., e an Ontario company, as a borrower, the company and OnX Enterprise Solutions Ltd. a company in Ontario as servicer, the various lenders, letter of credit participants and group representatives who are involved from time to time, the PNC Bank, the National Association as administrator and the letter of credit, and PNC Capital Markets as structuring agent. The changes will change the trade receivables securitization program to include: (i) adding PNC Bank Canada Branch as the issuer of letters of credit and lenders; (ii) making changes to the benchmarking mechanisms to accommodate the potentially eliminating LIBOR as a benchmark: (iii) increasing the maximum size of the credit facility from $ 200 million to $ 215 million; and (iv) making various technical adjustments to the credit base calculations.
The above descriptions of the third RPA change and the fourth RFA change are not exhaustive and are qualified in their entirety with reference to the full text of each change, copies of which are submitted as Annex 99.1 and Annex 99.2, respectively, and are hereby approved Reference added.
ITEM 2.03 – CREATE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN EQUALIZATION PROVISION OF A REGISTER
The disclosure set out under point 1.01 is hereby incorporated by reference.
ITEM 9.01 – ANNUAL FINANCIAL STATEMENTS AND EXHIBITIONS
Exhibit No. Description 99.1 Third amendment to the Purchase Agreement for Claims dated April 9, 2021 by and between Cincinnati Bell Funding LLC as the seller, Cincinnati Bell Inc. as the servicer and PNC Bank, National Association as the buyer. 99.2 Fourth amendment to the Accounts Receivable Financing Agreement dated April 9, 2021 by and between Cincinnati Bell Funding LLC and Cincinnati Bell Funding Canada Ltd. as borrower, Cincinnati Bell Inc. and OnX Enterprise Solutions Ltd. as servicer lender, letter of credit participant and group representative from time to time, PNC Bank Canada Branch as issuer of letters of credit and lenders, PNC Bank, National Association, as administrator and letter of credit bank and PNC Capital Markets as structuring agent.
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