As Cumulus Media Group announces its 2024 first quarter operating results today (5/3), it also reveals that it has refinanced its capital structure. Cumulus CEO Mary Berner states, “We are thrilled to have refinanced our capital structure to secure five-year maturities with favorable terms through a successful
debt exchange and ABL Facility upsize and extension. This is an excellent outcome for the company especially given the generally difficult financing environment for legacy media companies. Specifically, we extended maturities to 2029, reduced the principal amount of outstanding debt by approximately $33 million, obtained attractive interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on our ABL Facility by 25%.” The Exchange Offer means approximately $325.7 million aggregate principal amount of the Issuer’s 6.750% Senior Secured First-Lien Notes due 2026 (the “Old Notes”) were tendered for new 8.000% Senior Secured First-Lien Notes due 2029 (the “New Notes”) issued by the Issuer. Following the expiration of the Exchange Offer and Term Loan Exchange Offer, approximately 96.8% of the aggregate principal amount of outstanding Old Notes and Old Term Loans on a combined basis, were tendered for exchange of New Notes and New Term Loans, respectively.
