In a press release distributed Wednesday, Cumulus announced it’s made a voluntary prepayment of $115 million on its first lien senior secured term loan. So far since emerging from bankruptcy, Cumulus has reduced debt by $200 million. The money used to make the most recent dept payment came from the sale of six stations to EMF and cash from operations.
Additionally, net leverage has declined from approximately 5.8x at emergence to approximately 4.8x with this payment.
CEO Mary Berner said, “In our ongoing efforts to strengthen the business, Cumulus has been relentlessly focused on executing our key strategic priorities and meeting our financial objectives. The milestone we achieved today — $200 million of debt reduction in the first year since we emerged from Chapter 11 — resulted from those efforts and is another example of the progress we continue to make in implementing our business plan. I would like to thank the entire Cumulus team for the hard work and dedication which have produced such a tremendous record of achievement over the past year, and I have every confidence that, together, we will be able to further improve our financial position and continue to deliver on the goals we have laid out for the business.”
They have single handedly devalued the entire industry with these fire sales.
Comments are closed.