Cumulus Media term B rises on earnings; Blount, Diebold, Western Digital bank debt on deck

By Sara Rosenberg

New York, March 11 – Cumulus Media Inc.’s term loan B gained some ground in the secondary market on Friday on the back of the release of fourth quarter numbers, which, despite showing year-over-year declines in income, revenue and adjusted EBITDA, were better-than-expected.

Cumulus Media’s term loan B moved up to 69 bid, 71 offered from 67 bid, 70 offered, according to a trader.

Meanwhile, in the primary market, Blount International Inc. and Diebold Inc. joined the near-term new issue calendar, and Western Digital Corp. surfaced with timing on its institutional loan as well as an updated structure from what was previously outlined by the company.

Blount set a bank meeting for Tuesday in New York and one for Wednesday in London to launch its previously announced $550 million senior secured credit facility, a market source said.

Diebold emerged with plans to hold a bank meeting in New York on March 18 and a bank meeting in London on March 17 to launch a $1.3 billion-equivalent seven-year covenant-light term loan B, an informed source remarked.

Western Digital scheduled a bank meeting for U.S. investors on Tuesday and a bank meeting in London on Wednesday to launch a $9.5 billion credit facility, according to a market source.

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