Cumulus Prices Its New Notes
April 29, 2011 at 4:00 PM (PT)
CUMULUS MEDIA INC. announced today that it has priced its previously announced offering of $610 million aggregate principal amount of 7.75% senior notes due 2019. The sale of the Notes is expected to be completed on MAY 13th, 2011, subject to customary closing conditions.
In light of the refinancing deals CUMULUS made in advance of its acquisition of CITADEL, net proceeds from the offering of Notes to (a) repay in full all outstanding amounts under the term loan facility under the Company's existing senior secured credit facilities and (b) pay fees and expenses related to the offering of Notes. Any remaining proceeds will be used for general corporate purposes.