Cumulus Media Inc. Announces Discounted Prepayment of a Portion of Senior Secured Term Loan Facility
December 30 2016 - 4:01PM
Cumulus Media Inc. (NASDAQ:CMLS) announced today that it has
completed a discounted prepayment of a portion of its $1.8 billion
senior secured term loan facility due December 2020.
The Company successfully purchased $28.7 million of face value
of its senior secured term loan for $20.0 million, a discount to
par value of 30%. The transaction closed on December 30, 2016.
The Company will recognize a one-time non-operating gain of
approximately $8.7 million in its fourth quarter and full year 2016
earnings as a result of this transaction, and the Company's annual
interest expense will be reduced as a result of the completion of
this transaction.
J.P. Morgan Securities acted as sole advisor to the Company
regarding this transaction.
About Cumulus Media:
A leader in the radio broadcasting industry, Cumulus Media
(NASDAQ:CMLS) combines high-quality local programming with iconic,
nationally syndicated media, sports and entertainment brands to
deliver premium content choices to the 245 million people reached
each week through its 447 owned-and-operated stations broadcasting
in 90 US media markets (including eight of the top 10), more than
8,200 broadcast radio stations affiliated with its Westwood One
network and numerous digital channels. Together, the
Cumulus/Westwood One platforms make Cumulus Media one of the few
media companies that can provide advertisers with national reach
and local impact. Cumulus/Westwood One is the exclusive radio
broadcast partner to some of the largest brands in sports,
entertainment, news, and talk, including the NFL, the NCAA, the
Masters, the Olympics, the GRAMMYs, the Academy of Country Music
Awards, the American Music Awards, the Billboard Music Awards,
Westwood One News, and more. Additionally, it is the nation's
leading provider of country music and lifestyle content through its
NASH brand, which serves country fans nationwide through radio
programming, exclusive digital content, and live events.
Investor Relations Contact:
Collin Jones
Investor Relations
Cumulus Media Inc.
404-260-6600