Cumulus Extends Again

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Much like we’ve seen from iHeartRadio hoping to get buy-in from all their bondholders, Cumulus continues to extend the early tender date for its exchange offer for its 7.75% senior notes, due in 2019, to February 13 from January 23.

Back in December, Cumulus announced a debt-for-equity swap offer with the holders of $349.7 million (57.3%) of the principal amount of its outstanding 7.75% senior notes that are due in 2019. Those former noteholders will then get a 33.3% equity stake in Cumulus. The deal will allow Cumulus to retire $610 million in debt while taking out $305 million in revolver loans. In short, this gives Cumulus another two years of runway to work on its turnaround.

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