trending Market Intelligence /marketintelligence/en/news-insights/trending/43irv4CRLoM4KzGreuSBAg2 content esgSubNav
In This List

Cumulus Media prices $525M senior secured term loan

Blog

Broadcast deal market recap 2021

Blog

Price wars in India: Disney+ Hotstar vs. Amazon Prime Video vs. Netflix

Blog

Volume of Investment Research Reports on Inflation Increased in Q4 2021

Blog

Using ESG Analysis to Support a Sustainable Future


Cumulus Media prices $525M senior secured term loan

Cumulus Media Inc. priced a new $525 million senior secured term loan B due March 2026.

The term loan, which is expected to close next week, will have an interest rate of Libor plus 3.75% with a 1.00% Libor floor, issued at 99.5% of par.

Upon closing, Cumulus will have fully refinanced the $1.3 billion term loan that it assumed upon emergence from Chapter 11 on June 4, 2018. The company's debt will then consist of the $525 million new term loan and $500 million of secured bonds issued in June, representing a $275 million reduction in total debt since emergence, according to a Sept. 18 company release.

Cumulus plans to use the proceeds from this issuance, along with cash on hand, to pay down and refinance the company's existing term loan.