Cumulus moves to refinance debt

http://www.reuters.com/article/2013/12/04/cumulus-launch-idUSL2N0JJ1RH20131204
Cumulus only owes a mere $2 billion compared to the $20 billion owed by Clear Channel. The new debt will bump up the debt to $2.2 billion – the long term debt will be at LIBOR + 6% (with LIBOR having a minimum of 1.5%)