Cumulus Completes Paying Down $175 Million Of Debt

Debt Reduction

CUMULUS MEDIA INC. has completed its pay down of $175 million of debt. The company paid off $60 million of revolving debt on MAY 17th, $89 million of a term loan on MAY 25th (a mandatory payment connected to the sale of land and towers) and another $23 million towards the term loan to be paid on JUNE 28th, and bought back $3 million of notes (also required as part of the tower sale) after launching a $26 million tender offer.

EVP/CFO FRANCISCO J. LOPEZ-BALBOA said, “As the improvement in economic and public health conditions continues to drive momentum in business trends, we felt it appropriate to accelerate several debt repayments in order to expedite our balance sheet de-levering, reduce interest expense, and increase our free cash flow generation. We believe this better leverage and free cash flow profile, more than $200 million of available liquidity and solid rebound trajectory are significantly enhancing our financial flexibility. Given our strong competitive position, proven execution track record, and numerous revenue growth drivers, we are confident in our multiple pathways to grow shareholder value.”

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