Investor Information
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.
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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:
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09/18/19 – CUMULUS MEDIA Announces Pricing of $525 Million Senior Secured Term Loan B
08/08/19 – CUMULUS MEDIA Reports Operating Results for the Second Quarter 2019
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04/15/19 – CUMULUS MEDIA Announces Two Strategic Transactions
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02/26/19 – CUMULUS MEDIA’s presentation at J.P. Morgan 2019 Global High Yield & Leveraged Finance Conference from February 26, 2019
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10/03/18 – CUMULUS MEDIA presentation at Deutsche Bank’s 26th Annual Leverage Finance Conference
08/20/18 – CUMULUS MEDIA Reports Operating Results for Second Quarter 2018
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07/27/18 – CUMULUS MEDIA Announces Relisting on the NASDAQ Stock Market
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05/01/18 – Cumulus Restructuring Plan Confirmed by Court
03/28/18 – Cumulus Reports Operating Results for Fourth Quarter and Full Year 2017
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11/09/17 – 2017 Third Quarter Earnings Call Presentation
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10/26/17 – Cumulus Announces Selected Preliminary Operating Results for Third Quarter 2017
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07/31/17 – Cumulus Media Inc. Announces Conference Call To Discuss Second Quarter 2017 Operating Results
05/15/17 – 2017 First Quarter Earnings Call Presentation
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03/16/17 – 2016 Fourth Quarter & Full Year Earnings Call Presentation
03/16/17 – Cumulus Reports Operating Results for Fourth Quarter and Full Year 2016
03/10/17 – Cumulus Announces Termination of Private Exchange Offer
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02/15/17 – Cumulus Announces Extended Early Tender Date for its Previously Announced Private Exchange Offer for 7.75% Senior Notes due 2019
01/11/17 – Cumulus Announces Extended Expiration Date and Early Tender Date for its Previously Announced Private Exchange Offer for 7.75% Senior Notes due 2019
12/30/16 – Cumulus Media Inc. Announces Discounted Prepayment of a Portion of Senior Secured Term Loan Facility
12/27/16 – Cumulus Announces Extension of Early Tender Date for its Previously Announced Private Exchange Offer for 7.75% Senior Notes due 2019
12/12/16 – Cumulus Announces Launch of Private Exchange Offer for 7.75% Senior Notes due 2019; Majority of Holders Have Agreed to Participate
12/07/16 – Cumulus Announces Entry into Refinancing Support Agreement with Holders of 7.75% Senior Notes due 2019
11/08/16 – 2016 Third Quarter Earnings Call Presentation
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10/12/16 – Cumulus Announces Reverse Stock Split
08/04/16 – 2016 Second Quarter Earnings Call Presentation
08/04/16 – Cumulus Reports Operating Results for Second Quarter 2016
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05/05/16 – Cumulus Reports Operating Results for First Quarter 2016
05/05/16 – 2016 First Quarter Earnings Call Presentation
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03/10/16 – Cumulus Reports Operating Results for Fourth Quarter and Full Year 2015
03/10/16 – 2015 Fourth Quarter & Full Year Earnings Call Presentation
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12/31/15 – Cumulus Media Inc. Announces Discounted Prepayment of a Portion of Senior Secured Term Loan Facility
11/05/15 – Cumulus Reports Operating Results for Third Quarter 2015
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11/10/14 – Cumulus Reports Operating Results for Third Quarter 2014
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04/29/14 – Cumulus Reports Operating Results for First Quarter 2014