Cumulus Media in-market with repricing, retranching of term loans

By Sara Rosenberg

New York, June 23 - Cumulus Media Inc. is in-market with an approximately $430 million repricing and retranching of its term loans, according to a market source. JPMorgan is the lead bank on the deal.

Basically the company is looking to lower the spread on both its term loan A and institutional term loan by 50 basis points to Libor plus 175 basis points, the source said.

Furthermore, the company will move $100 million from the institutional term loan into the term loan A, the source added.

Following the transaction the term loan A will be sized at $206.9 million and the institutional term loan will be sized at $223.4 million.

The Atlanta owner and operator of radio stations launched this deal to lenders on Tuesday.

Cumulus' $112.5 million seven-year revolver will remain in place.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.