Cumulus MP tender at 93.5%


Cumulus Media Partners reports that 93.5% of its outstanding 9-7/8% senior subordinated notes due 2014 were tendered for the company’s proposed exchange by the early participation deadline, which had been extended to Wednesday. That leaves only $12.1 million face value of the $175.464 million issue outstanding. The tender remains in effect until April 3rd, but without the early participation bonus. Also, the company has waived the previous requirement that a minimum of 98% must be tendered for the exchange to take place.