Cumulus Sets Interest Rate For Loan It Seeks To Complete Citadel Deal
June 27, 2011 at 3:54 AM (PT)
CUMULUS MEDIA INC. has set the interest rate for a $2.04 billion loan it needs to acquire CITADEL BROADCASTING CORP., reports BLOOMBERG.
CUMULUS' loan offer sets the rate at 3.75-4 points above the LONDON interbank offered rate with a 1.25% minimum to the lending benchmark. A $375 million, five-year revolving line of credit is included in the $2.4 billion transaction.