Cumulus Media Partners Refi Hits $175.46 Million Mark
March 27, 2009 at 5:15 AM (PT)
CMP SUSQUEHANNA RADIO HOLDINGS CORP. (CUMULUS MEDIA PARTNERS), the company formed by CUMULUS to take over the SUSQUEHANNA stations, and its CMP SUSQUEHANNA CORP. subsidiary (CMPSC), have announced that they have accepted for exchange, and issued the new securities being exchanged for, all $175,464,000 aggregate principal amount of CMPSC's 9 7/8% Senior Subordinated Notes due 2014 that were tendered for exchange in the previously announced exchange offer prior to the early participation premium deadline of MARCH 24th.
The exchanged notes constitute 93.5% of the total principal amount outstanding at the commencement of the exchange offer; the condition that 98% of the notes must be tendered prior to the completion of the exchange offer has been waived.
With the exchange, the company has reduced the amount of outstanding principal amount of the Existing Notes from $187.6 million to $12.1 million. The exchange offer and consent solicitation is still set to expire at midnight ET APRIL 3rd.