Cumulus Cuts Another $50 Million From Debt
Cumulus used the $43 million proceeds from the KLOS sale and additional cash on hand to add to the trimming of its debt that the company has done since exiting Chapter 11 bankruptcy protection last year. The company states it has cut nearly $250 million from its debt to bring the number owned down to approximately $1.05 billion.
Cumulus Media Inc. [NASDAQ: CMLS] (the “Company,” “Cumulus,” “we,” “us,” or “our”) today announced that it has made a $50 million voluntary debt prepayment, continuing its commitment to reducing leverage.
The debt prepayment was funded by the net proceeds from the previously announced sale of KLOS-FM to Meruelo Media, which closed on July 17, 2019, as well as cash on hand generated from operations. With this prepayment, the Company has reduced its debt by approximately $250 million since emerging from Chapter 11 on June 4, 2018, bringing the Company’s total debt to approximately $1.05 billion.