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In the April 21 issue:
Cover Interview With
Cumulus Media's
Jon Pinch

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Cumulus Completes Refinancing


Cumulus announced it has entered into an amended credit agreement, consisting of a $2.025 billion term loan maturing in December 2020 and a $200 million revolving credit facility maturing in December 2018. CEO Lew Dickey said, “This highly successful refinancing transaction is expected to increase our free cash flow by greater than $30 million annually, extends our maturities through 2020, and simplifies our capital structure. We believe our balance sheet has now placed us at a competitive advantage that positions us well for future growth opportunities.”

The proceeds from the term loan, along with cash on hand, have been used to repay in full all amounts outstanding under the first and second lien term loans under Cumulus’ pre-existing credit agreements. Amounts outstanding under the term loan and the revolver, which is currently undrawn, will bear interest at LIBOR + 325 bps, subject to a 1.00 percent LIBOR floor.