(Bloomberg) -- Cumulus Media Inc. is nearing a deal with some of its creditors to extend the maturities of more than $650 million of debt, marking a win for lenders who negotiated better terms than originally proposed.

The new deal calls for a three-year extension of the maturities, and in return will receive a significantly higher margin bump on the struggling radio broadcaster’s first-lien bonds and term loan, both due in 2026, according to people familiar with the matter who asked not to be identified discussing private negotiations. 

It’s a change from February, when the company scored little support for a request for creditors to swap into new, longer-dated debt at a discount of about 20 cents on the dollar. But the proposal faced a revolt against the magnitude of the haircut and lenders entered into discussions to narrow the exchange rate, Bloomberg previously reported. 

Read More: Cumulus Faces Creditors’ Wrath Over Proposed Debt Exchange

An increasing number of stressed companies have taken advantage of weak trading levels to push through deals that cut their debt loads and deal losses to creditors. In response, lenders have been quick to band together to gain an upper hand in negotiations and preserve value in their portfolios. 

Under the company’s first plan, non-participating creditors would have had their collateral stripped, diminishing the value of their debt. Few lenders ultimately participated as the company pushed back the expiration date for the exchange multiple times. 

Requests for comment left with representatives at Atlanta-based Cumulus and Gibson Dunn & Crutcher, which is advising a creditor group, were not immediately returned.

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