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Cumulus Media retreats with exchange proposal; First Data, Capsugel launch loans, extensions
By Sara Rosenberg
New York, March 22 – Cumulus Media Inc.’s term loan was noticeably weaker in trading on Tuesday following disclosure of discussions with noteholders on an exchange offer and a potential revolving credit facility amendment.
Cumulus Media’s term loan was quoted at 70 bid, 72 offered, down from 72½ bid, 73½ offered, a trader said.
Switching to the primary market, First Data Corp. went out to lenders with a proposed incremental term loan and an amendment and extension of a portion of an existing term loan, and Capsugel Holdings US Inc. launched an add-on term loan and amendment and extension of its existing term loan as well.
First Data’s existing term loans were unchanged in the secondary market after news hit of the incremental term loan and amendment and extension plans, a trader remarked.
The company’s 2018 term loan was quoted at 99¾ bid, 100¼ offered, its 2021 term loan was quoted at par bid, 100 3/8 offered and its 2022 term loan was quoted at 99 3/8 bid, 99 7/8 offered, all flat on the day, the trader added.
Also, Travel Leaders Group LLC increased the size of its add-on term loan ahead of allocating, and Surgery Center Holdings Inc. (Surgery Partners Inc.) allocated an add-on term loan too.
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