Cumulus Media makes $50 million voluntary debt prepayment

By Sarah Lizee

Olympia, Wash., July 22 – Cumulus Media Inc. made a $50 million voluntary debt prepayment, continuing its commitment to reducing leverage, according to a press release.

The debt prepayment was funded by the net proceeds from the previously announced sale of KLOS-FM to Meruelo Media, which closed on July 17, as well as cash on hand generated from operations.

With this prepayment, the company has reduced its debt by about $250 million since emerging from Chapter 11 on June 4, 2018, bringing the company’s total debt to about $1.05 billion.

Cumulus Media is an Atlanta-based radio broadcaster.

© 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.