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Bulletin: Lender's Consent To Merge Has No Effect On Cumulus Media Ratings
Standard & Poors, March 2008
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) March 21, 2008--Standard & Poor's Ratings Services said today that the announcement by Cumulus Media Inc. (B/Stable/--) that it has received consent from its lender group to merge with a group of investors, including Merrill Lynch Global Private Equity and Cumulus Chairman, President, and CEO Lewis Dickey, has no effect on the 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 with equity contributions from investors as the $400 million incremental facility provision was eliminated from the amended credit agreement. In addition, eliminated from the amended credit agreement were the looser covenant elements that would have been triggered...
Companies mentioned in this report are: Cumulus Media Inc.
Action: Bulletin
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