Cumulus Refinances Debt With Pricing Of New $525 Million Term Loan

New Term Loan

Another CUMULUS MEDIA refinancing move is in progress with the pricing of a new $525 million senior secured term loan B due MARCH 2026. The new loan carries an interest rate of LIBOR plus 3.75% with a 1% LIBOR floor, issued at 99.5% of par.

CUMULUS will use the proceeds to pay down debt, and says that the new loan's closing will mean that the $1.3 billion term loan issued upon the company's emergence from Chapter 11 bankruptcy will be fully refinanced, leaving the company minus some of its larger FM properties but with debt of $525 million in the new loan and $500 million of secured bonds interest in JUNE, and a reduction in debt of $275 million

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