Cumulus Completes Discounted Prepayment of Loan Facility
|RADIO ONLINE | Friday, October 12, 2018 | 12:13pm CT|
Cumulus Media has completed a discounted prepayment of a portion of its $1.3 billion senior secured term loan facility due May, 2022. The company purchased $50.2 million of term loans under the Facility for $50 million, a discount to par value of 0.40%. The transaction closed on October 11 and was funded with cash from operations.
Cumulus will recognize a one-time non-operating gain of approximately $0.2 million in its fourth quarter 2018 earnings, and the company's annual interest expense will be reduced, as a result of this transaction.