Cumulus Media Reports Operating Results for the First Quarter 2024; Refinances its Capital Structure to Secure Five-Year Maturities Through Successful Debt Exchange and ABL Facility Upsize and Extension
CMLSCumulus Media(CMLS) Newsfilter·2024-05-03 20:01

Completed Successful Debt Exchange That Reduced Principal by Approximately 33Million,ExtendedMaturitiesto2029,ObtainedFavorableInterestRatesandPreservedStructureFreeofFinancialMaintenanceCovenants;ExceededExpectationswithApproximately9733 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates and Preserved Structure Free of Financial Maintenance Covenants; Exceeded Expectations with Approximately 97% Aggregate Participation Upsized ABL Facility by 25% to 125 Million and Extended Maturity to 2029 Reported Q1 Total Revenue of $200 million, Down 2.7%, In Line with Guidance Increased Digital Marketing Services Revenue by 25%, Total Digital Revenue by ...