Cumulus Adds $850 Million In Additional Credit
June 8, 2006 at 6:27 AM (PT)
CUMULUS, in connection with its previously announced "Dutch Auction" tender offer, has entered into an $850 million credit agreement with a syndicate of financial institutions led by BANK OF AMERICA.
There is a $100 million revolving credit facility and a $750 million term loan. The proceeds of the term loan will be used to, among other things, repay all amounts owed under the CUMULUS' existing credit facilities, to purchase shares of the CUMULUS' Class A and Class B Common Stock, and to pay related fees and expenses.