Cumulus Media likely to launch new credit facility for 2006 Susquehanna purchase

By Sara Rosenberg

New York, Oct. 31 - Cumulus Media Partners LLC is likely to come to market with its proposed acquisition financing credit facility in 2006, according to a market source.

Deutsche Bank, Merrill Lynch, Goldman Sachs and UBS are the lead banks on the deal, with Deutsche the left lead.

Proceeds from the credit facility will be used to help fund the acquisition of the radio broadcasting business of Susquehanna Pfaltzgraff Co. for $1.2 billion.

Details on the capital structure for the transaction will emerge closer to closings, company officials said in a conference call Monday.

Cumulus Media Partners was formed by Cumulus Media Inc., Bain Capital, The Blackstone Group and Thomas H. Lee Partner.

Atlanta-based Cumulus Media Inc. is the second-largest radio company in the United States and York, Pa.-based Susquehanna Radio is the largest privately owned radio broadcasting company in the United States.

The acquisition is expected to be completed in the first half of 2006, subject to regulatory hurdles and other customary closing conditions.

© 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.