Cumulus Media prepays part of $1.3 billion term loan at 0.4% discount

By Wendy Van Sickle

Columbus, Ohio, Oct. 11 – Cumulus Media Inc. prepaid a portion of its $1.3 billion senior secured term loan facility due May 2022 on Thursday, according to a press release.

The company purchased $50.2 million face value of the term loan for $50 million, or a discount to par of 0.4%.

The transaction was funded using cash from operations.

The $50 million revolving credit facility remains undrawn.

Cumulus said it will see a one-time non-operating gain of about $200,000 in its fourth-quarter earnings and will benefit from reduced annual interest expense.

Cumulus is an Atlanta-based radio broadcaster.

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