Cumulus Media launches $2.23 billion credit facility to investors

By Sara Rosenberg

New York, Dec. 4 - Cumulus Media Holdings Inc. held a call on Wednesday afternoon to launch a $2,225,000,000 credit facility (B1/B+), according to sources.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facility consists of a $200 million five-year revolver and a $2,025,000,000 seven-year term loan, sources said.

Proceeds will be used to refinance existing bank debt.

Cumulus is an Atlanta-based radio broadcaster.

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