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CMLS > SEC Filings for CMLS > Form 8-K on 4-Jun-2013All Recent SEC Filings

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Form 8-K for CUMULUS MEDIA INC


4-Jun-2013

Entry into a Material Definitive Agreement


Item 1.01 - Enter into a Material Definitive Agreement.

On May 31, 2013, Cumulus Media Inc. (the "Company") entered into an amendment (the "Amendment") to its First Lien Credit Agreement, dated as of September 16, 2011, as amended and restated December 20, 2012, among the Company, Cumulus Media Holdings, Inc., as borrower, and the lenders and the agents thereto. Pursuant to the Amendment, the consolidated total net leverage ratio covenant contained in the First Lien Credit Agreement, with which the Company was required to comply in the event amounts were outstanding under the revolving credit facility thereunder (the "Revolving Facility") has been replaced with a consolidated first lien net leverage ratio covenant, and the total commitments under the Revolving Facility were reduced from $300.0 million to $150.0 million. Through December 31, 2013, the consolidated first lien net leverage ratio with which the Company must comply in the event amounts are outstanding under the Revolving Facility is 4.5 to 1.0. Such ratio will be reduced in subsequent future periods, to 3.75 to 1.0 at December 31, 2014 and thereafter.

At March 31, 2013, the Company had no amounts outstanding, or availability, under the Revolving Facility. If the Company was subject to the consolidated first lien net leverage ratio covenant in lieu of the consolidated total net leverage ratio covenant at such date, such ratio would have been 3.2 to 1.0, and the Company would have had $150.0 million of available borrowing capacity under the Revolving Facility.

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