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Cumulus Media has received a rousing reception for an offer to sell $300 million of senior secured first-lien notes due in 2026. The company blew past the $300 million in debt it wanted to raise, and now says it thinks it will be able to raise $500 million. The upsizing will give Cumulus even more head room against $1.1 billion in debt that is set to come due in May 2022.

In a press release issued Wednesday after the stock markets closed, Cumulus said it priced $500 million in principal amount of 6.750% senior secured first-lien notes due in 2026, a $200 million increase over the original amount. The sale of the notes is expected to close June 26. The offering is one of several steps Cumulus is taking to reduce its debt load, including selling off major market FMs. While its latest move won’t lower what it owes, it will give the company more time to repay its lenders. The broadcaster plans to use proceeds from the offering to pay down some of the debt it currently carries on its balance sheet.

Cumulus isn’t registering the notes under the Securities Act. Instead it has offered them to qualified institutional buyers in a private offering. The notes being put up by Cumulus will be secured by liens on almost all of the company’s assets, except for those already being used to secure the company’s $50 million revolver loan.

Cumulus announced last week that it made a voluntary prepayment of $115 million on its first lien senior secured term loan, using net proceeds from the sale of six radio stations to Educational Media Foundation. In the year since emerging from bankruptcy, the radio company has reduced total outstanding debt by $200 million.