Cincinnati Bell and CyrusOne Data Center Restructuring and Related Financing Transactions

Cravath represented Cincinnati Bell Inc. and CyrusOne Inc. in connection with a restructuring through which all of Cincinnati Bell’s data center assets were contributed to CyrusOne Inc., a wholly owned subsidiary of Cincinnati Bell. Cincinnati Bell is a full-service regional provider of data and voice communications services over wireline and wireless networks and a full-service provider of data center operations, related managed services and equipment.

In connection with the restructuring, Cravath represented CyrusOne LP and CyrusOne Finance Corp., both of which are subsidiaries of CyrusOne Inc., in connection with their US$525 million 144A/Reg. S senior debt offering. The transaction closed on November 20, 2012. Cravath also represented Cincinnati Bell in a related debt tender offer.

Cravath also represented Cincinnati Bell with respect to a new US$200 million revolving credit facility and CyrusOne Inc. with respect to a US$225 million revolving credit facility, both in connection with the restructuring transaction.

The Cravath team included partners William V. Fogg, B. Robbins Kiessling and Susan Webster, senior attorney Daniel A. O’Shea and associates Stephen M. Kessing, Amanda R. Fenster, Nicholas M. Foley, John C. Duffy, Lola O. Ogunmefun, Joshua S. Goldman and Ashley L. Daly on corporate matters; partners Andrew W. Needham and Lauren Angelilli and associates Christopher K. Fargo and Rachel H. Kiwi on tax matters; and partner Eric W. Hilfers and associate Michelle M. Garrett on executive compensation and benefits matters.