On January 31, 2023 (the “Closing Date”), Cincinnati Bell Inc. (the “Company”), together with certain of its U.S. and Canadian subsidiaries,
made certain amendments (the “Amendments”) to the Company’s current accounts receivables securitization program (the “Existing Accounts Receivables Securitization Facility”). In connection with the Amendments, on the Closing Date, the Company
and its subsidiaries entered into (a) the Third Amended and Restated Purchase and Sale Agreement (the “Sale Agreement”), by and among certain Company subsidiaries identified therein as Originators, Cincinnati Bell Funding LLC (“CBF”), and the
Company as Servicer, (b) the Amended and Restated Receivables Financing Agreement (the “Amended and Restated RFA”), by and among CBF as Borrower, the Company as Servicer, the various Lenders, LC Participants and Group Agents from time to time
party thereto, PNC Bank, National Association (“PNC Bank”) as the Administrator and LC Bank, and PNC Capital Markets LLC (“PNC Capital Markets”) as Structuring Agent, (c) the Purchase and Sale Agreement (the “CBTS PSA”), by and among CBTS
Funding LLC (“CBTS Funding”), the Company subsidiaries identified therein as Originators and CBTS Technology Solutions LLC (“CBTS TS”) as Servicer, (d) the Receivables Financing Agreement (the “CBTS RFA”), by and among CBTS Funding and
Cincinnati Bell Funding Canada Ltd. (“CB Funding Canada”) as Borrowers, CBTS TS and OnX Enterprise Solutions Ltd. (“OES”) as Servicers, the various Lenders, LC Participants and Group Agents party thereto, PNC Bank as Administrator and Letter of
Credit Bank, and PNC Capital Markets as Structuring Agent, (e) the Amended and Restated Canadian Purchase and Sale Agreement (the “Canadian PSA”), by and among CB Funding Canada as Purchaser, and OES as Originator and Servicer, and (f) the
Receivables Purchase Agreement (the “RPA”), by and among CBTS Funding as Seller, CBTS TS as Servicer, PNC Bank as Buyer and PNC Capital Markets LLC as Structuring Agent. The Amendments amend the Existing Accounts Receivables Securitization
Facility to, among other things: (i) separate the Existing Accounts Receivable Securitization Facility into two separate facilities, with (A) the Existing Accounts Receivable Securitization Facility, as amended by the Amendments, covering
receivables originated by certain U.S. subsidiaries of the Company including Cincinnati Bell Telephone Company LLC, Hawaiian Telcom Communications, Inc. and certain of their respective subsidiaries having a maximum borrowing capacity of
$55,000,000 and (B) a new facility (the “CBTS Accounts Receivable Securitization Facility”) covering receivables originated by certain U.S. and Canadian subsidiaries of the Company including CBTS TS and OES having a maximum borrowing capacity
of $225,000,000, (ii) move the receivables monetization arrangements from the Existing Accounts Receivable Securitization Facility to the CBTS Accounts Receivable Securitization Facility, and (iii) make applicable technical and conforming
changes thereto.
The foregoing descriptions of each of the Sale Agreement, the Amended and Restated RFA, the CBTS PSA, the CBTS RFA, the Canadian PSA, and the RPA
do not purport to be complete and are qualified in their entirety by reference to the full text of each, copies of which are filed herewith as Exhibit 99.1, 99.2, 99.3, 99.4, 99.5, and 99.6 respectively, and are incorporated herein by
reference.
