Cumulus Media announces expiration, final results of exchange offer

Cumulus Media announced the expiration and final results of its subsidiary’s, Cumulus Media New Holdings, previously announced offer to exchange any and all of its outstanding 6.750% Senior Secured First-Lien Notes due 2026 for new 8.000% Senior Secured First-Lien Notes due 2029 to be issued by the Issuer, upon the terms of and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated February 27, 2024. All capitalized terms not defined herein are defined in the Offering Memorandum, unless otherwise noted. The Exchange Offer expired at midnight, New York City Time, on May 1, 2024. The Exchange Offer was subject to the condition precedent that a minimum of 95% of all aggregate principal amount of Old Notes outstanding be tendered in the Exchange Offer, which the Issuer may waive in its sole and absolute discretion. The Issuer has determined to exercise its valid discretion to waive the Minimum Participation Condition. As of the Expiration Time, approximately $325.7 million in aggregate principal amount of the Old Notes, representing approximately 94% of the total outstanding principal amount of the Old Notes, had been tendered for exchange in connection with the Exchange Offer. The Issuer expects the settlement of the Exchange Offer to occur today, upon which each $1,000 principal amount of Old Notes validly tendered on or prior to the Expiration Time and accepted for exchange will be exchanged into $940 principal amount of New Notes.