Cumulus Completes Refinancing

12-23-13

Cumulus announced it has entered into an amended credit agreement, consisting of a $2.025 billion term loan maturing in December 2020 and a $200 million revolving credit facility maturing in December 2018. CEO Lew Dickey said, ?This highly successful refinancing transaction is expected to increase our free cash flow by greater than $30 million annually, extends our maturities through 2020, and simplifies our capital structure. We believe our balance sheet has now placed us at a competitive advantage that positions us well for future growth opportunities.?

The proceeds from the term loan, along with cash on hand, have been used to repay in full all amounts outstanding under the first and second lien term loans under Cumulus? pre-existing credit agreements. Amounts outstanding under the term loan and the revolver, which is currently undrawn, will bear interest at LIBOR + 325 bps, subject to a 1.00 percent LIBOR floor.

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Emmis Completes Refinancing

12-31-12

Emmis announced completion of its new $100 million Credit Agreement. Money from the deal will be used to refinance Emmis' existing Term Loan B, Extended Term Loan B, Senior Unsecured Notes, and for general spending. The new agreement is an $80 million term loan and $20 million revolving line of credit with a five year maturity. The company expects that the deal will enhance steps alread taken to create shareholder value by reducing interest expenses and targeting free cash flow generated for principal repayments.

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DOJ Completes Cumulus-Citadel Review

September 13, 2011: Cumulus Media and Citadel Broadcasting announce that the Department of Justice has wound up its antitrust review of their upcoming merger. As Radio Ink earlier reported, the DOJ's approval was contingent on a settlement that has Cumulus spinning off three stations -- two in Harrisburg, PA, and one in Flint, MI. Cumulus already has two Harrisburg stations in trust.

The merger is also subject to FCC approval, and it's expected that will be granted shortly. Citadel will hold a special meeting of shareholders on September 15 to vote on the deal.

Additionally, the FTC has notified Citadel and Cumulus of the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act regarding the merger. The early end of the waiting period satisfies a merger condition relating to the expiration of any applicable waiting period under the HSR Act.

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