Cumulus subsidiary commences exchange offer for $346M 6.75% notes due 2026 to new 8.75% notes due 2029

CUMULUS MEDIA INC

Exchange offer for all outstanding $346,245,000 of 6.750% Senior Secured First-Lien Notes due 2026.
Early tender (by 5:00 p.m. ET, March 11, 2024) receives $800 principal of new 8.750% notes per $1,000 old notes, including $30 early tender premium.
New notes mature March 15, 2029; old notes mature 2026.
Concurrent consent solicitation to eliminate substantially all restrictive covenants and release collateral if 66.67% consent obtained.
Also offering exchange of Old Term Loans for New Term Loans under a new credit agreement (not conditioned on note exchange).

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