Cumulus Reopens Debt Exchange Window As Tender Untouched


Cumulus Media has announced a fourth additional extension to the company’s debt exchange plan in a capital restructuring. The “Further Extended Expiration Time” has been further extended from the previous April 9 deadline until April 12.

The initiative invites holders of Cumulus’s 6.750% Senior Secured First-Lien Notes due 2026 to exchange them for 8.750% Senior Secured First-Lien Notes due 2029. Debuted alongside its Q4 2023 earnings, the capital restructuring would prolong the maturity of its existing debt by three years while raising interest by two percent.

Under the terms of the extension, note holders who opt to exchange their holdings by the new April deadline will receive $770 in new notes for every $1,000 of the old notes, with the early tender premium now excluded.

Cumulus has not amended the deadline for the withdrawal of tenders, which remained set at 5p ET on March 11. By this deadline, around $15 million in aggregate principal amount of the old notes had been tendered for exchange and not withdrawn. As of 5pm Eastern on April 9, this figure remained unchanged, indicating potential hesitance among debt holders regarding the swap terms.

The original deadline was March 26, followed by the new April 2 and April 9 dates. The first extension on the deal came at the end of the initial March 11 early tender deadline. That was extended to March 18, as reported by RBR+TVBR.

Participants in the exchange must submit an eligibility letter through D.F. King & Co., demonstrating compliance with specific investment criteria. The new notes, which are not registered under the Securities Act, must meet certain eligibility requirements to meet regulatory standards.


  1. Can you say kick the can? Only this time no one is playing. I see BK number 3 (or is it 4) just around the corner.
    Note to Mary; no amount of layoffs will save this titanic mess.


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