- Language: English
- 1493 Pages
- Published: March 2012
- Region: Global
Cumulus Media Inc.'s Subsidiary Cumulus Media Holdings Inc.'s Senior Secured Facilities Assigned Preliminary 'B+' Rating Jun 11
- Published: June 2011
- Standard & Poors
Cumulus Media Holdings Inc. (Cumulus), a subsidiary of Atlanta-based radio broadcasting company Cumulus Media Inc., is issuing $2.4 billion of senior secured debt to fund the acquisition of Citadel Broadcasting Corp. We are assigning a 'B' corporate credit rating to Cumulus. The corporate credit rating was placed on CreditWatch with positive implications. We are assigning Cumulus' proposed senior secured credit facilities a preliminary 'B+' rating with a preliminary recovery rating of '3'. All ratings, excluding the preliminary senior secured issue level ratings, remain on positive CreditWatch, which reflects our expectation that the merger of Cumulus Media with Citadel Broadcasting Corp. will lower debt leverage. CHICAGO (Standard & Poor's) June 20, 2011--Standard & Poor's Ratings Services said today that it assigned...
Companies mentioned in this report are: Cumulus Media Inc.,Citadel Broadcasting Corp.,Cumulus Media Holdings Inc.
Action: New Rating
Action: On CreditWatch:Positive
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.
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Cumulus Media Inc.,Citadel Broadcasting Corp.,Cumulus Media Holdings Inc.