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Cumulus Makes Pre-Payment on 1.8B Debt
RADIO ONLINE | Tuesday, January 3, 2017 |
Cumulus Media Inc. announced today that it has completed a discounted prepayment of a portion of its $1.8 billion senior secured term loan facility due December 2020. The Company successfully purchased $28.7 million of face value of its senior secured term loan for $20.0 million, a discount to par value of 30%. The transaction closed on December 30, 2016.
Cumulus will recognize a one-time non-operating gain of approximately $8.7 million in its fourth quarter and full year 2016 earnings as a result of this transaction, and their annual interest expense will be reduced.
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