Cumulus Media Inc. Raises $199.2 Million in Public Offering of Class A Common Stock.Business Editors ATLANTA--(BUSINESS WIRE)--May 22, 2002 Cumulus Media Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CMLS CMLS Central Minnesota Legal Services CMLS Chemical Movement in Layered Soils CMLS Centralized Mail List Services (GSA) CMLS Contractor Maintenance & Logistics Support ) today announced that it has completed the offering of 11,500,000 million shares of its Class A Common Stock. Of the 11,500,000 million shares, 10,549,448 were offered by the Company and 950,552 were offered by certain shareholders of the Company. The Company raised $199.2 million in aggregate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). , of which it intends to use $55.6 million for the previously announced acquisition of Wilks Broadcasting, and to use the balance for general corporate purposes, which could include repayment of indebtedness or to fund potential future acquisitions. Cumulus cumulus: see cloud. did not receive any proceeds from the sale of shares by the selling shareholders. Deutsche Bank Securities acted as lead underwriter for the offering, which was co-managed by Bear, Stearns & Co. Inc., CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. , Morgan Stanley, Robertson Stephens, SunTrust Robinson Humphrey, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg, Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. and Jefferies & Company, Inc. The underwriters simultaneously exercised their option to purchase additional shares of Class A Common Stock from the Company and one of the selling shareholders to cover over-allotments. Cumulus Media Inc. is the second largest radio company in the United States based on station count. Giving effect to the completion of all announced pending acquisitions and divestitures, Cumulus Media will own and operate 250 radio stations in 53 mid-size and smaller U.S. media markets. The Company's headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com. This release is not an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to the offering described herein can be obtained from Deutsche Bank Securities information center at (410) 895-2080. For further information, please contact: Cumulus Media, Inc. Marty Gausvik, 404/949-0700, or Daniel O'Donnell, 404/949-0700. |
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