ATLANTA, June 08, 2022 (GLOBE NEWSWIRE) — Cumulus Media Inc. (CMLS) (the “Company” or “Cumulus Media”) today announced that Cumulus Media New Holdings Inc., its indirect wholly-owned subsidiary, has entered into an amendment (the “Amendment”) to its existing $100 million revolving credit facility (as amended, the “Revolving Credit Facility”). The amendment, among other things, extends the deadline from 2025 to 2027, subject to certain deadline conditions. From June As of December 8, 2022, there was no amount outstanding under the revolving credit facility.
Mary G. Berner, President and CEO of Cumulus Media, said, “By extending the ABL through 2027, we are locking in a favorable long-term source of liquidity – enhancing our already strong balance sheet and increasing our financial flexibility as we continue to evolve from a one-dimensional broadcaster to a multi-dimensional audio media company. This action follows the expiration of the $25 million tender offer under our $50 million share buyback program and demonstrates our continued commitment to making operational and financial decisions that improve shareholder value.
About Cumulus Media
Cumulus Media (CMLS) is an audio-focused media company that delivers premium content to over a quarter of a billion people every month, wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations in 86 markets; features national sports, news, talk and entertainment programming from iconic brands like the NFL, NCAA, Masters, CNN, AP, Academy of Country Music Awards and many other class partners worldwide among more than 9,500 affiliates. stations via Westwood One, America’s largest audio network; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of smart, entertaining and engaging original podcasts. Cumulus Media provides advertisers with personal connections, local impact and national reach through digital, mobile, social and voice-enabled broadcast and on-demand platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, research and insights, and live event experiences. Cumulus Media is the only audio media company to offer advertisers local and national advertising performance guarantees. For more information, visit www.cumulusmedia.com.
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical facts and relate to our current intention, beliefs or expectations. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained or implied by the forward-looking statements due to of various factors. These factors include, among others, the risks and uncertainties associated with payment for the shares tendered into the tender offer by the depositary, the ability of Cumulus to realize the benefits contemplated by the tender offer and other risk factors described under “Risk Factors” in Cumulus Form 10. -K for the year ended December 31, 2021 and in other filings by Cumulus with the Securities and Exchange Commission. You should not rely on forward-looking statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Cumulus Media’s control, and the unexpected occurrence or absence of such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update forward-looking statements, which are based on expectations as of the date hereof, as a result of new information, future events or otherwise.
For more information, please contact:
Cumulus Media Inc.
Investor Relations Department