- Published: May 2012
Research Update: Cumulus Media, Inc.
- Published: April 2003
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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On April 2, 2003, Standard & Poor's Ratings Services assigned its 'B+' rating to Cumulus Media, Inc.'s proposed $325 million senior secured term loan C due 2008. Proceeds are expected to be used to refinance existing debt and fund the company's tender offer for its 10.375% senior subordinated notes due 2008. The proposed refinancing is expected to lower Cumulus's cost of capital, but does not reduce aggregate debt levels. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating on the company. The outlook is stable. Atlanta, Ga.-based radio operator Cumulus had total debt outstanding of approximately $433.7 million at Dec. 31, 2002. The company owns 268 radio stations in 55 small- and mid-size markets, pro forma...
Companies mentioned in this report are: Cumulus Media Inc.
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Cumulus Media Inc.
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