Cumulus Media amends exchange offer: 6.75% notes for 8% notes due 2029, extends deadline to May 1

CUMULUS MEDIA INC

Issuer offers $940 principal of new 8% notes due 2029 per $1,000 of old 6.75% notes due 2026; maturity extended to July 2029.
Transaction Support Agreement with holders of ~80% of Old Notes and ~97% of Old Term Loans; 1% PIK fee for supporting group.
Amended expiration time extended to midnight May 1, 2024; withdrawal deadline extended to April 22, 2024.
Exchange offer now subject to minimum 95% tender condition (waivable); as of April 18, ~$15M (4.4%) of Old Notes tendered.
Concurrent Term Loan Exchange Offer for Old Term Loans; both exchanges conditioned on each other.

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 entered into Transaction Support Agreement with Ad-Hoc Group valued at 1% paid-in-kind fee (effective 2024-04-18).

Action: entry
Agreement: credit facility
Counterparty: Ad-Hoc Group
Value: 1% paid-in-kind fee
Effective: 2024-04-18

Exact text from the filing

On April 18, 2024, Cumulus Media Inc. (the “Company”) announced that its wholly-owned subsidiary, Cumulus Media New Holdings Inc. (the “Issuer”), entered into a Transaction Support Agreement (the “Transaction Support Agreement”) with a certain group of the Issuer’s Old Term Loan (as defined therein) lenders and holders of Old Notes

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CUMULUS MEDIA INC filing history →

Source: SEC EDGAR

accession 0001104659-24-049120

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