Cumulus Media plans $700 million credit facility to refinance existing loans

New York, June 2 - Cumulus Media Inc. said it has begun negotiations for a new $700 million senior secured credit facility to replace its existing $675 million bank loans.

The new facility will include a $350 million seven-year term loan and a $350 million seven-year revolver.

The Atlanta-based radio company said it is trying to take advantage of current favorable market conditions.

Terms and conditions for the new facility and the collateral package for the new facility are expected to be "substantially similar" to the existing one, Cumuls said.

© 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.