Cumulus Media Inc. announced Friday that it has completed a discounted prepayment of a portion of its $1.8 billion senior secured term loan facility due December 2020.The Company successfully purchased $28.7 million of face value of its senior secured term loan for $20.0 million, a discount to par value of 30%. The transaction closed on December 30, 2016.
The Company will recognize a one-time non-operating gain of approximately $8.7 million in its fourth quarter and full year 2016 earnings as a result of this transaction, and the Company's annual interest expense will be reduced as a result of the completion of this transaction.
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