Cumulus Makes Prepayment On $1.8B Loan


In an effort to work on its crippling debt, Cumulus has completed a discounted prepayment of a portion of its $1.8 billion senior secured term loan facility due in December 2020. The Company purchased $28.7 million of its senior secured term loan for $20.0 million, a discount of 30%. For over a year now company executives, including CEO Mary Berner, have said Cumulus’ debt needs to be dealt with and the company would do whatever it needed to do to address the debt. Cumulus will recognize a one-time non-operating gain of $8.7 million in Q4 as a result of the debt pre-payment and the company’s annual interest expense will be reduced.


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