CBB Cincinnati Bell Inc New

ITEM 1.01– ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On May 3, 2023, Cincinnati Bell Inc. (the “Company) entered into an Incremental Amendment to Credit Agreement (the “Incremental Amendment”), by and among the Company, Red Fiber Parent LLC (“Holdings”), the Guarantors party thereto, Goldman Sachs Bank USA, as administrative agent (the “Administrative Agent”), and CoBank, ACB, as the Term B-3 Lender, in order to amend certain terms of its existing Credit Agreement (the “Credit Agreement”), dated as of September 7, 2021, as amended as of November 23, 2021, by and among the Company, Holdings, the Administrative Agent and the Lenders and L/C Issuers party thereto. The Incremental Amendment provides for the incurrence of a new tranche of $200 million senior secured term loans (the “Term B-3 Loans”). The proceeds of the Term B-3 Loans will be used (1) to repay a portion of the loans outstanding under the Company’s revolving credit facility and to repay the Company’s existing 7 1/4% Notes due 2023 (including to pay any accrued and unpaid interest with respect to such repayments), (2) to pay fees, expenses and other transaction costs related to the Incremental Amendment and the transactions contemplated thereby and (3) to the extent of the remaining proceeds thereof, for other general corporate purposes. The Term B-3 Loans will mature in November 2028 and will bear interest at a floating rate plus a margin equal to (x) 3.00% for Term B-3 Loans bearing interest based on the Base Rate (as defined in the Credit Agreement) and (y) 4.00%  for Term B-3 Loans bearing interest based on Term SOFR. All other material terms, conditions and covenants of the Credit Agreement were unchanged by the Incremental Amendment.

The foregoing summary of the Incremental Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Incremental Amendment that is filed herewith as Exhibit 10.1 and is incorporated herein by reference.