Cincinnati Bell Announces Final Results of Tender Offers

  Cincinnati Bell Announces Final Results of Tender Offers

Business Wire

CINCINNATI -- November 28, 2012

Cincinnati Bell Inc. (NYSE:CBB) announced today the final results of its
previously announced cash tender offers (the “Tender Offers”) for 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”), subject to a maximum aggregate purchase
price of $100,000,000 (the “Maximum Purchase Price”). The Tender Offers
expired at 11:59 p.m., New York City time, on November 27, 2012. 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.

The principal amounts of Notes listed in the table below have been validly
tendered in connection with the Tender Offers:

                                                   
                                                Outstanding
                               Acceptance       Principal          Principal
CUSIP           Title of                                           Amount
Number       Security    Priority      Amount Prior   
                                                to Early           Tendered
                               Level
                                                Tender Date
                8.375%
               Senior
                         1             $775,000,000    $478,599,000
171871AN6       Notes
                due 2020
                8.250%
               Senior
                         2             $500,000,000    $382,697,000
171871AL0       Notes
                due 2017
                                                      

On November 20, 2012, Cincinnati Bell accepted for purchase approximately $91
million aggregate principal amount of its 2020 Notes. The 2020 Notes accepted
for payment were all tendered on or prior to 5:00 p.m., New York City time on
November 9, 2012 (the “Early Tender Date”).

Acceptance of Notes for purchase was subject to the Maximum Purchase Price,
acceptance priorities and proration, all as described in the Offer to Purchase
and related Letter of Transmittal. The 2020 Notes had a higher purchase
priority than the 2017 Notes and therefore, due to the Maximum Purchase Price,
Cincinnati Bell did not accept for purchase any 2017 Notes or any Notes
tendered after the Early Tender Date.

Holders who validly tendered their 2020 Notes on or prior to the Early Tender
Date and whose 2020 Notes were accepted for purchase received 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.

Cincinnati Bell 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.

This press release is for informational purposes only and is neither an offer
to purchase nor a solicitation of an acceptance of the Tender Offers. The
Tender Offers were made solely by means of the Offer to Purchase and related
Letter of Transmittal and Cincinnati Bell’s obligation to accept any Notes
tendered and to pay the consideration for them is set forth solely therein. In
those jurisdictions where the securities, blue sky or other laws require any
tender offer to be made by a licensed broker or dealer, the Tender Offers will
be deemed to be made on behalf of Cincinnati Bell by the dealer managers or
one or more registered brokers or dealers licensed under the laws of such
jurisdiction.

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:

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