Cumulus Media amends $525M term loan to replace LIBOR with SOFR

CUMULUS MEDIA INC

Amendment replaces LIBOR benchmark with Term SOFR plus 0.10% for the $525M senior secured term loan.
Effective June 9, 2023; no change to principal amount, maturity, or other terms of the credit facility.
Conditions precedent: no default, representations true, lender consent obtained, fees paid.
Existing LIBOR-based loans continue at current rate until the end of their applicable interest period.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CUMULUS MEDIA INC amended Amendment with Bank of America, N.A. ("BofA") valued at $525.0 million (effective 2023-06-09).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A. ("BofA")
Value: $525.0 million
Effective: 2023-06-09

Exact text from the filing

On June 9, 2023, Cumulus Media New Holdings Inc. (“Holdings”), an indirect wholly-owned subsidiary of Cumulus Media Inc. (the “Company”), Cumulus Media Intermediate, Inc. (“Intermediate”), a direct wholly-owned subsidiary of the Company, and certain of the Company’s other subsidiaries (collectively, with Holdings and Intermediate, the “Credit Parties”) entered into a second amendment (the “Amendment”) to the Credit Agreement (as amended, the “Credit Agreement”), dated as of September 26, 2019, between the Credit Parties and Bank of America, N.A. (“BofA”), as a lender and Administrative Agent and certain other lenders from time to time party thereto, which provides for a $525.0 million senior secured term loan (the “Term Loan Facility”).

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Source: SEC EDGAR

accession 0001058623-23-000065

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