Cumulus Launches Private Exchange Offer For 7.75% Senior Notes; Majority Of Holders Agree To Participate

Private Exchange Offer

CUMULUS MEDIA INC. has launched a private exchange offer for any and all 7.75% Senior Notes due 2019 issued by CUMULUS MEDIA HOLDINGS INC. As previously reported (NET NEWS 12/7), the holders of approximately $349.7 million, or 57.3%, of the aggregate principal amount of the Outstanding Notes entered into a refinancing support agreement with the Company, Holdings, and certain subsidiaries of Holdings, pursuant to which the Supporting Noteholders agreed to tender their Outstanding Notes in the Exchange Offer.

If 100% of the aggregate principal amount of the Outstanding Notes is tendered and accepted in the Exchange Offer, upon completion of the Exchange Offer, former noteholders will hold approximately 33.3% of the common equity of the Company (based on today's outstanding common stock and after giving effect to the Exchange Offer) and the Company will have retired $610.0 million in outstanding unsecured indebtedness represented by the Outstanding Notes and incurred $305.0 million in secured indebtedness represented by the revolving loans (as defined below) under the Company’s existing credit agreement.

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