Cumulus Media Closes $100 Million ABL and Issues $50 Million Convertible Notes
The company closed an asset-based revolving credit facility and issued senior secured PIK toggle convertible notes under its reorganization plan.
Cumulus Media bolstered liquidity and streamlined its capital structure by closing a $100 million asset-based revolving credit facility and issuing $50 million of senior secured PIK toggle convertible notes under its reorganization plan. The ABL, led by Fifth Third Bank, refinances the prior prepet…