CUMULUS MEDIA Announces Completion of Offer to Purchase 2026 Notes

Rhea-AI Summary

Cumulus Media has successfully completed its asset sale offer, purchasing $47.16 million of its 6.750% Senior Secured First-Lien Notes due 2026. The offer was oversubscribed, with a total of $488.37 million in Notes tendered, leading to a prorated purchase of approximately 9.7% for each tendering holder. As a result, $452.84 million of the Notes remain outstanding. This strategic move aims to manage its debt effectively while enhancing financial stability.

Positive

• Successful purchase of $47.16 million in Senior Secured First-Lien Notes
• Oversubscribed offer with $488.37 million validly tendered, indicating strong investor interest
• Prorated purchase at approximately 9.7% highlights effective debt management strategy

Negative

• None.

ATLANTA, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "CUMULUS MEDIA," “we,” “us,” or “our”) today announced that the Company has completed its asset sale offer to purchase $47,164,000 aggregate principal amount of its 6.750% Senior Secured First-Lien Notes due 2026 (the “Notes”), at 100% plus accrued and unpaid interest to, but not including, November 3, 2020, and such Notes were accepted for payment and subsequently cancelled. As a result, $452,836,000 aggregate principal amount of Notes remain outstanding.

The offer to purchase the Notes was oversubscribed, as a total of $488,370,000 aggregate principal amount were validly tendered as of the expiration date, and, accordingly, the principal amount of Notes that the Company purchased from each tendering holder was prorated based on a proration factor of approximately 9.7%.

D.F. King & Co., Inc. served as the Tender and Information Agent for the asset sale offer.

This announcement does not constitute an offer to buy or the solicitation of an offer to sell any securities in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful.

About CUMULUS MEDIA
CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 422 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

For further information, please contact:
Investor Relations Department
IR@cumulus.com
404-260-6600

FAQ

What was announced by Cumulus Media on November 3, 2020?

Cumulus Media announced the completion of its asset sale offer, purchasing $47.16 million of its 6.750% Senior Secured First-Lien Notes due 2026.

Why was the asset sale offer by Cumulus Media significant?

The asset sale offer was significant as it was oversubscribed, with $488.37 million tendered, showcasing strong demand and investor confidence.

What is the remaining outstanding principal amount of Cumulus Media's Notes?

After the asset sale offer, Cumulus Media has $452.84 million of its Senior Secured First-Lien Notes remaining outstanding.

What was the prorated purchase factor for Cumulus Media's Notes?

The prorated purchase factor for the Notes was approximately 9.7%.