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Thursday, March 10, 2011

Reuters: Cumulus/Citadel Deal Moving Forward



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cumulus/citadel announcement could come next week. 

Reuters is confirming the Cumulus/Citadel deal we reported to you 2 weeks ago. The report today says that Cumulus has begun pre-marketing a roughly $2 billion debt package to back its potential acquisition of Citadel Broadcasting, according to several sources familiar with the deal. The acquisition announcement could come as soon as next week, accompanied by the launch of both loans and bonds that would make up the total debt financing, according to Reuters."If the acquisition were to occur, it would trigger a change in control provision with a take-out at 107.75 for 35 percent of the bonds, with the remaining portion being offered at 50bp above Treasury, sources noted."

Read the Entire Story HERE

Our 2/17/2011 Story About The Deal
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Radio Ink has confirmed that a deal to purchase Citadel, which includes the radio network and the former ABC-Disney properties and Citadel properties with 550 stations in 120 cities and eight of the top 10 markets has been agreed to. The offer, which was accepted is due to be announced at $37 a share ($30 cash).

The transaction valued at 2.4 billion and 1.5 billion in market equity totaling a $4 billion enterprize value. Radio Ink was unable to reach Lew Dickey of Cumulus or Farid Suleman of Citadel to confirm, however this information, which was leaked internally is believed to be accurate.

Radio Ink has also learned that there was a fierce battle to purchase Citadel between Cumulus and David Field of Entercom. Late last year Citadel rejected a $31.00 per share offer from Cumulus. More details will soon be posted to wwwRadioink.com

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