S&P rates Cumulus Media New Holdings loan B

S&P said it assigned a B issue-level rating and 2 recovery rating to the proposed $525 million senior secured term loan B due 2026 issued by Cumulus Media Inc.’s subsidiary Cumulus Media New Holdings Inc.

The 2 recovery rating indicates S&P’s estimate of substantial (70%-90%; rounded estimate: 70%) recovery for lenders in case of a payment default.

The proceeds along with cash on hand will be used to refinance the remaining balance of its existing term loan B due 2022.

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