Cincinnati Bell 2014 Annual Report Download - page 51
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Table of Contents
Form 10-K Part II
Cincinnati Bell Inc.
of CyrusOne common stock. On April 24, 2014, the limitations restricting the volumes of common shares we are allowed to sell terminated.
On June 25, 2014, we consummated the sale of 16.0 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $22.26 per unit. The
sale generated proceeds of $355.9 million and resulted in a gain of $192.8 million. Prior to the sale of our 16.0 million partnership units of CyrusOne LP, we
accounted for our 68% effective ownership of CyrusOne as an equity method investment. As of December 31, 2014, we effectively own 44% of CyrusOne,
which is held in the form of 1.9 million shares of CyrusOne common stock and approximately 26.6 million CyrusOne LP partnership units.
It is management's intent to sell down the Company's interests in CyrusOne over time and use such proceeds to further de-leverage the Company. The
Company's amended Corporate Credit Agreement requires 85% of the proceeds to be used for debt repayments. As of December 31, 2014, the Company's
investment in CyrusOne was valued at $785.0 million and the Company's tax basis in CyrusOne was approximately $450 million.
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