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Bulletin: Termination Of Cumulus Media Merger Agreement Has No Ratings Impact
Standard & Poors, May 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
CHICAGO (Standard & Poor's) May 13, 2008--Standard & Poor's Ratings Services said today that the announcement by Atlanta Ga.-based Cumulus Media Inc. (B/Stable/--) that it has terminated its merger agreement with a group of investors, including an affiliate of Merrill Lynch Global Private Equity and Cumulus Chairman, President, and CEO Lewis Dickey, has no effect on the ratings at this time. The parties had entered into the agreement on July 23, 2007. As a result of the agreement's termination, the company will no longer be amending its credit agreement, as previously announced, and will receive a $15 million termination fee from the investor group. The company has also announced that it is contemplating a new stock repurchase plan. We will...
Companies mentioned in this report are: Cumulus Media Inc.
Action: Bulletin
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