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Cumulus Debt Reduction

Following the sale of six stations to EMF, Cumulus has made a voluntary prepayment of $115 million toward its first lien senior secured term loan. The payment brings the company's reductions of debt in its first post-bankruptcy year to $200 million and its net leverage down from approximately 5.8x at emergence to 4.8x. Cumulus is also expected to use proceeds from the sale of Rock KLOS/Los Angeles to Meruelo Media to make an addition payment of $43 million upon the sale's close in Q3. "In our ongoing efforts to strengthen the business, Cumulus has been relentlessly focused on executing our key strategic priorities and meeting our financial objectives," says Pres./CEO Mary Berner