Cumulus Media prepays part of $1.9 billion term loan at 23% discount

By Wendy Van Sickle

Columbus, Ohio, Dec. 31 – Cumulus Media Inc. prepaid a portion of its $1.9 billion senior secured term loan facility at a discount of 23% on Thursday, according to a press release.

The company purchased $64.9 million of face value of the term loan for $50 million.

Cumulus will see a one-time non-operating gain of about $14.9 million in its fourth-quarter earnings and will benefit from $2.75 million of reduced annual interest expense resulting from the transaction.

J.P. Morgan Securities acted as adviser regarding the transaction.

Cumulus is an Atlanta-based radio broadcaster.

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