Cumulus Media announced that it 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.

According to the company’s 8-K filing dated December 23, 2013, JPMorgan Chase Bank acted as administrative agent; Royal Bank of Canada and Macquarie Capital acted as co-syndication agents; and Credit Suisse AG-Cayman Islands Branch, Fifth Third Bank, Goldman Sachs and ING Capital acted as co-documentation agents.

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, five-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 U.S. 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.