Cumulus Media Completes Discounted Prepayment Of A Portion Of Senior Secured Term Loan
December 30, 2016 at 1:13 PM (PT)
CUMULUS MEDIA INC. announced the completion of a discounted prepayment of a portion of its $1.8 billion senior secured term loan facility due DECEMBER 2020. The Company successfully purchased $28.7 million of face value of its senior secured term loan for $20 million, a discount to par value of 30%. The transaction closed on DECEMBER 30th, 2016.
CUMULUS will recognize a one-time non-operating gain of approximately $8.7 million in its fourth quarter and full year 2016 earnings as a result of this transaction, and the Company's annual interest expense will be reduced as a result of the completion of this transaction.