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Cumulus Issues $300 Million In Notes

Cumulus Media's subsidiary, Cumulus Media New Holdings, is making a private offering of $300 million in senior secured first-lien notes due 2026. Net proceeds from the note offering to institutional buyers will be used to partially pay down existing indebtedness under its senior secured term loan facility. Cumulus Pres./CEO Mary Berner announced last week that the company had reduced the debt in its first post-bankruptcy year by $200 million (CAT 6/5).