Cumulus Media Inc. announced that it has entered into an Amended and Restated Credit Agreement, consisting of a $2.025 billion term loan maturing in December 2020 and a $200 million revolving credit facility maturing in December 2018.

An SEC 8-K filing indicates JPMorgan Chase Bank served as administrative agent on the amended and restated credit facility. To view the filing, click here.   

The proceeds from the Term Loan along with cash on hand have been used to repay in full all amounts outstanding under the first and second lien term loans under Cumulus' pre-existing credit agreements. Amounts outstanding under the Term Loan and the Revolver, which is currently undrawn, will bear interest at LIBOR + 325 bps, subject to a 1.00% LIBOR floor.

The refinancing follows the entry into a $50 million, 5-year revolving accounts receivables securitization facility, which Cumulus entered into on December 6, 2013. Advances under the securitization facility, which are subject to a borrowing base calculation, bear interest at LIBOR + 250 bps with no LIBOR floor.

"This highly successful refinancing transaction is expected to increase our free cash flow by greater than $30 million annually, extends our maturities through 2020 and simplifies our capital structure," said Lew Dickey, CEO of Cumulus. "We believe our balance sheet has now placed us at a competitive advantage that positions us well for future growth opportunities."

Cumulus Media is the largest pure-play radio broadcaster in the United States based on station count, with approximately 460 owned and operated stations in 89 U.S. media markets and a fully-distributed programming network serving more than 10,000 affiliates nationwide, which contains a portfolio of iconic media, sports and entertainment brands.