Cumulus Media talks $2 billion term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, Dec. 6 - Cumulus Media Holdings Inc. is talking its $2,025,000,000 seven-year term loan at Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

The company's $2,225,000,000 credit facility (B1/B+) also includes a $200 million five-year revolver.

J.P. Morgan Securities LLC is the lead bank on the deal that launched with a call on Wednesday afternoon.

Proceeds will be used to refinance existing bank debt.

Cumulus is an Atlanta-based radio broadcaster.

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