Cumulus Media Sweetens Terms on $2 Billion Citadel Loan
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Cumulus Media Inc. increased the interest rate and changed the structure on $2.04 billion in loans it’s seeking to back the acquisition of Citadel Broadcasting Corp. after lenders pushed back against the original terms.
The U.S. broadcaster cut the size of the first-lien term loan to $1.25 billion and is now offering a $790 million second-lien portion, said three people with knowledge of the deal, who declined to be identified because the transaction is private