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Bulletin: Cumulus Media Inc. Ratings Unaffected By Agreement To Private-Equity, Management LBO
Standard & Poors, July 2007
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) July 24, 2007--Standard & Poor's Ratings Services said today that the announcement by Cumulus Media Inc. (B/Stable/--) that it has agreed to be acquired by a group of investors, including Merrill Lynch Global Private Equity and Cumulus chairman, president, and CEO Lewis Dickey for roughly $508 million, has no effect on ratings at this time. The total transaction value, including the assumption of existing debt, is roughly $1.3 billion. We expect the proposed transaction to be financed through a combination of debt and equity, with the large majority of funding consisting of equity contributions from investors. Debt to EBITDA is high, at 7.3x for the 12 months ended March 31, 2007. Pro forma for the...
Companies mentioned in this report are: Cumulus Media Inc.
Action: Bulletin
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