CUMULUS MEDIA INC. (NASDAQ:CMLS) Files An 8-K Other EventsItem 8.01 – Other Events.
In connection with its previously announced exchange offer, on December 12, 2016, Cumulus Media Holdings Inc. and Cumulus Media Inc. (collectively, the “Company”) filed a complaint in the United States District Court in the Southern District of New York against J.P. Morgan Chase Bank, N.A. as Administrative Agent under the Amended and Restated Credit Agreement, dated as of December 23, 2013, among Cumulus Media Holdings Inc., as borrower, Cumulus Media Inc., as parent, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties from time to time party thereto (the “Credit Agreement”).
The Company is seeking a declaration that it is authorized under the Credit Agreement to proceed with a refinancing that is intended to deleverage the Company by up to $305 million. The Company also seeks a declaration that JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent under the Credit Agreement, has unreasonably withheld consent to certain components of the Company’s refinancing. The Company seeks an order of specific performance requiring JPMorgan Chase Bank, N.A. to comply with its contractual obligation to consent to the Company’s refinancing and (1) to sign agreements to the Credit Agreement that assign the Credit Agreement’s revolving loan commitments to new revolving lenders; (2) to sign an amendment to increase the aggregate principal amount of revolving credit available under the Credit Agreement by up to $105.0 million; and (3) to sign an amendment to modify the leverage ratio covenant, among other things, relating to the Credit Agreement’s revolving credit facility. The Company believes that all of these actions are authorized under the Credit Agreement.
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About CUMULUS MEDIA INC. (NASDAQ:CMLS)
Cumulus Media Inc. (Cumulus) is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees. Its broadcast advertising includes the sale of commercial advertising time to local, national and network clients. Its digital advertising includes the sale of advertising and promotional opportunities across its Websites and mobile applications. Its across the nation platform generates content distributable through both broadcast and digital platforms. Its categories of advertisers consist of amusement and recreation; banking and mortgage; furniture and home furnishings; arts and entertainment; food and beverage services; healthcare services; automotive dealers; food and beverage stores, and telecommunications. CUMULUS MEDIA INC. (NASDAQ:CMLS) Recent Trading Information
CUMULUS MEDIA INC. (NASDAQ:CMLS) closed its last trading session down -0.03 at 1.18 with 188,338 shares trading hands.