Cumulus Media Inc. announced that it has successfully completed its previously announced actions to pay down $175 million of debt using cash on hand as further described below. Details of Debt Reduction: On May 17, 2021, the company completed a $60 million repayment of its ABL Revolver due 2025, which represented the entirety of the amount outstanding under the facility. Following the paydown, the ABL Revolver due 2025 is undrawn and available as liquidity for general corporate purposes. On May 25, 2021, the company paid down approximately $89 million of its Term Loan Credit Facility due 2026 (the “Term Loan”) related to a mandatory prepayment obligation arising from the Company’s previously announced sale of land in Bethesda, MD, in June 2020 and sale of towers and related assets (the “Tower Sale”) in September 2020. Pursuant to the terms of its 6.75% Senior Secured First Lien Notes due 2026 (the “Notes”), on May 26, 2021, the company launched a tender offer (the “Tender Offer”) to repurchase approximately $26 million of the Notes at par, which represents the pro rata amount required to be offered from the proceeds of the Tower Sale. As of the expiration of the Tender Offer, approximately $3 million of Notes were validly tendered, accepted for payment and subsequently cancelled. Giving effect to the impact of the Tender Offer, approximately $450 million principal amount of Notes remains outstanding. On June 24, 2021, the Company submitted an irrevocable paydown notice to the administrative agent of the Term Loan to effectuate a required paydown of $23 million, which represents the remainder of the initial amount of the Tender Offer that was not validly tendered prior to the expiration date. Holders of the Term Loan will receive their pro rata portion of such paydown on or around June 28, 2021.