Debt and Other Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consists of the following:

	Successor			Predecessor
(dollars in millions)	September 30, 2021			December 31, 2020
Current portion of long-term debt:
Corporate Credit Agreement - Tranche B Term Loan due 2024	$	—		$	6.0
Credit Agreement - Term Loan due 2028		1.5			—
Paniolo Fiber Assets Financing Arrangement		0.5			—
Other financing arrangements		0.9			1.9
Finance lease liabilities		10.1			13.9
Current portion of long-term debt		13.0			21.8
Long-term debt, less current portion:
Receivables Facility		75.1			182.0
Corporate Credit Agreement - Revolving Credit Facility		—			67.0
Credit Agreement - Revolving Credit Facility due 2026		—			—
Credit Agreement - Tranche B Term Loan due 2024		—			580.5
Credit Agreement - Term Loan due 2028		148.5			—
7 1/4% Senior Notes due 2023 (1)		24.3			22.3
7% Senior Notes due 2024 (1)		637.2			625.0
8% Senior Notes due 2025 (1)		365.5			350.0
Various Cincinnati Bell Telephone notes (1)		97.8			87.9
Paniolo Fiber Assets Financing Arrangement		22.4			—
Other financing arrangements		0.5			0.9
Finance lease liabilities		47.1			52.1
		1,418.4			1,967.7
Net unamortized premium (2)		—			1.1
Unamortized note issuance costs (3)		(35.5	)		(18.9	)
Long-term debt, less current portion		1,382.9			1,949.9
Total debt	$	1,395.9		$	1,971.7

(1) As of September 30, 2021, the net carrying amounts of the 7 ¼% Senior Notes due 2023, 7% Senior Notes due 2024, 8% Senior Notes due 2025 and Various Cincinnati Bell Telephone notes included unamortized fair value adjustments related to the Merger of $2.0 million, $12.2 million, $15.5 million and $9.9 million, respectively. Each adjustment is being amortized over the life of the respective notes and is recorded as a reduction of interest expense.  

(2) Net unamortized premium was determined to not meet the definition of an asset as of the Merger Date and was therefore not recognized by the Company in the Successor period.  

(3) Unamortized note issuance costs of $9.3 million were determined to not meet the definition of an asset as of the Merger Date and were therefore not recognized by the Company in the Successor period. As of September 30, 2021, unamortized note issuance costs are associated with the 7% Senior Notes due 2024, 8% Senior Notes due 2025 and Term Loan due 2028 defined below.