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Cumulus Makes $50 Million Voluntary Debt Prepayment
RADIO ONLINE | Monday, July 22, 2019 |
Cumulus Media has made a $50 million voluntary debt prepayment, continuing its commitment to reducing leverage. The company has reduced its total debt by close to $250 million since emerging from Chapter 11 bankruptcy on June 4, 2018, bringing the Company's total debt to approximately $1.05 billion.
The debt prepayment was funded by the net proceeds from the previously announced sale of KLOS-FM to Meruelo Media, which closed on July 17, 2019, as well as cash on hand generated from operations.
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