Hoping to entice more debtholders to sign on to its debt-for-equity swap, Cumulus Media has extended the early tender deadline for the private exchange offer for a fourth time. The early tender deadline, first set for Dec. 23, has been reset to Mar. 6 after earlier extensions to Jan. 10, Jan. 23 and Feb. 13.

Debtholders who tender their 7.75% senior notes due 2019 prior to the Mar. 6 deadline will receive an 11% cash premium.

The entire exchange offer was originally set to expire Jan. 10 but was extended to Mar. 13. Cumulus hasn’t given any updates on percentages of notes tendered. The multiple extensions suggest that the company may be having trouble getting some holders onboard. On Jan. 11, it said that about 70.7% of outstanding notes (about $431.3 million) had been validly tendered.

The offer is intended to reduce and extend some of the broadcaster’s $2.4 billion in debt.

If 100% of the total principal amount is tendered and accepted, the bondholders will hold about 33.3% of the company’s equity. The move will allow Cumulus to retire $610 million in debt while taking out $305 million in a new secured revolving credit facility under its existing credit agreement.

The company hasn’t sweetened the pot as of yet, keeping all other terms and conditions of the exchange as they were when the swap was announced in mid-December. In addition to a cash payout, the company says debtholders will receive 24.016 shares of Cumulus common stock for each $1,000 in outstanding notes tendered. They’ll also be allowed to nominate two directors to the Cumulus board, giving them a seat at the table on day-to-day management.

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