secwatch.observer — SEC 8-K summary
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Issuer:     CUMULUS MEDIA INC (CMLS)
CIK:        0001058623
Form:       8-K
Filed at:   2024-05-03T23:59:59+00:00
Accession:  0001104659-24-056549
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cumulus Media exchanges $325.7M of 6.75% notes for 8% notes due 2029; extends ABL to 2029
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1058623/000110465924056549/0001104659-24-056549-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1058623/000110465924056549/tm2413312d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-056549

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