Cumulus Media prepays part of $1.8 billion term loan at 30% discount

By Wendy Van Sickle

Columbus, Ohio, Dec. 30 – Cumulus Media Inc. prepaid a portion of its $1.8 billion senior secured term loan facility due December 2020 at a discount of 30% on Friday, according to a press release.

The company purchased $28.7 million of face value of the term loan for $20 million.

Cumulus will see a one-time non-operating gain of about $8.7 million in its fourth-quarter earnings and will benefit from reduced annual interest expense.

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

Cumulus is an Atlanta-based radio broadcaster.

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