Cincinnati Bell Announces Early Results of Tender Offers

  Cincinnati Bell Announces Early Results of Tender Offers

Business Wire

CINCINNATI -- November 12, 2012

Cincinnati Bell Inc. (NYSE:CBB) today announced that as of 5:00 p.m., New York
City time, on November 9, 2012 (the “Early Tender Date”), the principal
amounts listed in the table below of its 8.375% Senior Notes due 2020 (CUSIP
No. 171871AN6) (the “2020 Notes”) and its 8.25% Senior Notes due 2017 (CUSIP
No. 171871AL0) (the “2017 Notes” and, together with the 2020 Notes, the
“Notes”) had been tendered in connection with its previously announced cash
tender offers for up to a maximum aggregate purchase price of $100,000,000
(the “Maximum Purchase Price”) of outstanding Notes.

                                               Outstanding
               Title of           Acceptance   Principal         Principal
CUSIP Number  Security          Priority    Amount Prior to  Amount
                                  Level        Early             Tendered
                                               Tender Date
171871AN6     8.375% Senior     1           $775,000,000     $475,817,000
               Notes due 2020
171871AL0     8.250% Senior     2           $500,000,000     $379,482,000
               Notes due 2017

The terms and conditions of the tender offers are described in the Offer to
Purchase and related Letter of Transmittal, dated October 29, 2012,
distributed to holders of the Notes. Payments of the consideration for the
Notes validly tendered on or before the Early Tender Date and accepted for
purchase are expected to be made on or about November 20, 2012.

Holders who validly tendered their 2020 Notes on or before the Early Tender
Date and whose 2020 Notes are accepted for purchase will receive total
consideration of $1,097.50 per $1,000 principal amount of 2020 Notes,
including an early tender premium of $30.00 per $1,000 principal amount of
2020 Notes, subject to the terms and conditions set forth in the Offer to
Purchase and related Letter of Transmittal.

It is anticipated that Cincinnati Bell will not accept for purchase any
validly tendered and not subsequently validly withdrawn 2017 Notes. The 2020
Notes have a higher purchase priority than the 2017 Notes and on any payment
date Cincinnati Bell will accept for purchase all validly tendered and not
subsequently validly withdrawn 2020 Notes, subject to the Maximum Purchase
Price, prior to accepting any 2017 Notes for purchase (the “Acceptance
Priority”).

Acceptance of Notes for purchase in the tender offers is subject to the
Maximum Purchase Price, acceptance priorities and proration, all as described
in the Offer to Purchase. All Notes that were tendered for purchase prior to
the Early Tender Date will have priority over any Notes that are tendered for
purchase after the Early Tender Date. Accordingly, as the aggregate purchase
price for Notes tendered for purchase prior to the Early Tender Date equals or
exceeds the Maximum Purchase Price, it is anticipated that no Notes tendered
for purchase after the Early Tender Date will be accepted for purchase (even
if they have a higher purchasing priority as indicated by the Acceptance
Priority Level in the table above). Validly tendered Notes may no longer be
validly withdrawn.

Cincinnati Bell has retained Barclays Capital Inc. and Morgan Stanley & Co.
LLC to serve as the dealer managers for the Tender Offers. Requests for
documents may be directed to D.F. King & Co., Inc., the information agent, by
telephone at (800) 431-9633 or in writing at D.F. King & Co., Inc., 48 Wall
Street, 22nd Floor, New York, NY 10005, Attention: Elton Bagley. Questions
regarding the Tender Offers may be directed to Barclays Capital Inc. at (800)
438-3242 (toll-free) or (212) 528-7581 (collect), or Morgan Stanley & Co. LLC
at (800) 624-1808 (toll-free) or (212) 761-1057 (collect), or in writing at
Barclays Capital Inc., Attention: Liability Management Group at 745 Seventh
Avenue, 5th floor, New York, NY 10019 or Morgan Stanley & Co. LLC, Attention:
Liability Management Group at 1585 Broadway, Floor 4, New York, NY 10036.

Cincinnati Bell’s obligation to accept any securities tendered and to pay the
consideration for them is set forth solely in the Offer to Purchase and
related Letter of Transmittal.

This press release is not an offer to purchase or a solicitation of an
acceptance of the tender offers. Cincinnati Bell may extend or, subject to
certain conditions, terminate the tender offers at any time and in its sole
discretion.

Safe Harbor Note

This release may 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). 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.

Contact:

Cincinnati Bell Inc.
Investor / Media contact:
Josh Duckworth, 513-397-2292
joshua.duckworth@cinbell.com