Cumulus Media Inc. started a private exchange offer for any and all 7.75% senior notes due 2019 issued by unit Cumulus Media Holdings Inc.

If 100% of the aggregate principal amount of the outstanding notes is tendered and accepted in the exchange offer, former noteholders will hold about 33.3% of the common equity of the company upon closing of the offer, and the company will have retired $610 million in outstanding unsecured debt represented by the outstanding notes and incurred $305 million in secured debt represented by the revolving loans under the company's existing credit agreement, according to a Form 8-K filed Dec. 13.

The consideration provided to holders in the exchange offer will consist of revolving loans due 2020 or participation interests in the revolving loans; and shares of the company's class A common stock for any and all outstanding notes tendered by such holders in the exchange offer.

The early tender deadline for the offer is 5 p.m. ET on Dec. 23, while the expiration date is expected to be on or around 11:59 p.m. ET on Jan. 10, 2017.

Ipreo LLC has been appointed as the exchange agent and the information agent for the exchange offer.