Investors

Investor Information

CUMULUS MEDIA presentation at Deutsche Bank’s 27th Annual Leveraged Finance Conference

Click to download the entire Presentation.

CUMULUS MEDIA Announces Pricing of $525 Million Senior Secured Term Loan B

Atlanta, GA – September 18, 2019 – CUMULUS MEDIA Inc. [NASDAQ: CMLS] (the “Company,” “Cumulus,” “we,” “us,” or “our”) today announced the pricing of a new $525 million senior secured term loan B due March 2026. The new term loan will have an interest rate of LIBOR plus 3.75% with a 1.00% LIBOR floor, issued at 99.5% of par. Proceeds from this issuance, along with cash on hand, will be used to pay down and refinance the Company’s existing term loan.

Upon the closing of the new term loan, which is expected next week, Cumulus will have fully refinanced the $1.3 billion term loan that the Company assumed upon emergence from Chapter 11 on June 4, 2018. Cumulus’s debt will then consist of the $525 million new term loan and $500 million of secured bonds issued in June 2019, representing a $275 million reduction in total debt since emergence. The Company’s financial position will be further improved by the lower interest rates and 2026 maturity of the new debt.

Click to download the entire Press Release.

CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

On June 4, 2018 CUMULUS MEDIA successfully completed its financial restructuring and emerged from Chapter 11. The restructuring process allowed the Company to complete the balance sheet restructuring that is critical to the success of its turnaround strategy. Court filings and other information related to the court-supervised proceedings are available on a separate website administered by the Company’s claims agent, Epiq Systems. Use the links below to learn more about the restructuring:

Restructuring Information

Emergence Press Release

RSS Feed (To use RSS, you must have an RSS-reader program installed, such as RSS Owl)

SEC Filings