CUMULUS MEDIA INC (CMLS): debt financing — Cumulus Media exchanges $325.7M of 6.75% notes for 8% notes due 2029; extends ABL to 2029

CUMULUS MEDIA INC

Issued ~$308.8M of 8.000% Senior Secured First-Lien Notes due 2029 exchanged for 6.750% notes due 2026 at 94% of par.
Issued ~$311.8M of New Term Loans due May 2, 2029 at SOFR+5.00% (1% floor) or base rate+4.00%.
ABL Credit Agreement amended: maturity extended to March 1, 2029 and commitments increased to $125M.
About 96.8% of Old Notes and Old Term Loans combined were tendered; ~$20.5M of Old Notes and ~$1.2M of Old Term Loans remain outstanding.
Exchange offer had 94% participation; Issuer waived 95% minimum condition; settlement occurred May 2, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CUMULUS MEDIA INC incurred term loan of approximately $311.8 million aggregate principal amount with Bank of America, N.A..

Instrument: term loan
Principal: approximately $311.8 million aggregate principal amount
Counterparty: Bank of America, N.A.
Event: incurrence

Exact text from the filing

On or about the Issue Date, approximately $311.8 million aggregate principal amount of the New Term Loans will be outstanding under the New Credit Agreement as a result of the settlement of the Term Loan Exchange Offer

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

CUMULUS MEDIA INC incurred senior notes of approximately $308.8 million aggregate principal amount with U.S. Bank Trust Company, National Association at 8.000% per annum maturing July 1, 2029.

Instrument: senior notes
Principal: approximately $308.8 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 8.000% per annum
Maturity: July 1, 2029
Event: incurrence

Exact text from the filing

On or about the Settlement Date, approximately $308.8 million aggregate principal amount of the New Notes are expected to be issued as a result of the settlement of the Exchange Offer

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CUMULUS MEDIA INC entered into New Notes Indenture with U.S. Bank Trust Company, National Association valued at $308.8 million aggregate principal amount of 8.000% Senior Secured First-Lien Notes due 2029 (effective 2024-05-02).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $308.8 million aggregate principal amount of 8.000% Senior Secured First-Lien Notes due 2029
Effective: 2024-05-02

Exact text from the filing

On May 2, 2024 (the “Issue Date”), Cumulus Media New Holdings Inc. (the “Issuer”), a wholly-owned subsidiary of Cumulus Media Inc. (the “Company”), consummated its previously announced exchange offer (the “Exchange Offer”) pursuant to which approximately $325.7 million aggregate principal amount of the Issuer’s 6.750% Senior Secured First-Lien Notes due 2026 (the “Old Notes”) were tendered for new 8.000% Senior Secured First-Lien Notes due 2029 (the “New Notes”) issued by the Issuer.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CUMULUS MEDIA INC entered into New Credit Agreement with Bank of America, N.A. valued at $311.8 million aggregate principal amount of New Term Loans (effective 2024-05-02).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $311.8 million aggregate principal amount of New Term Loans
Effective: 2024-05-02

Exact text from the filing

In connection with the Term Loan Exchange Offer, certain other subsidiaries of the Company, Bank of America, N.A., as Administrative Agent, and the other banks and financial institutions party thereto as lenders entered into a new Term Loan Credit Agreement (the “New Credit Agreement”) providing for the New Term Loans, effectuated through the Term Loan Exchange Agreement (the “Exchange Amendment”), dated as of May 2, 2024, by and among the Issuer, certain other subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other banks and financial institutions party thereto as lenders.

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311 debt financings filed in the last 30 days. Browse all debt financings →

CUMULUS MEDIA INC filing history →

Source: SEC EDGAR

accession 0001104659-24-056549

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