Cumulus Media extends $100 million ABL revolver to 2027

By William Gullotti

Buffalo, N.Y., June 8 – Cumulus Media Inc. announced that subsidiary Cumulus Media New Holdings Inc. extended its existing $100 million asset-based revolving credit facility to 2027, according to a press release on Wednesday.

According to the release, the new maturity date is subject to springing maturity conditions.

“By extending the ABL through 2027, we are locking in a long-term, favorable source of liquidity ... This action follows the expiration of the $25 million tender offer pursuant to our $50 million share buyback program and demonstrates our continuing commitment to making operational and financial decisions that enhance shareholder value,” said Mary G. Berner, president and chief executive officer.

As of June 8, there were no amounts outstanding under the revolver.

Cumulus Media is an Atlanta-based radio broadcaster.

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