Salem Media closes refinancing of $112.8M 2024 notes with $114.7M of 7.125% notes due 2028

SALEM MEDIA GROUP, INC. /DE/

Exchanged $112.8M of 6.75% senior secured notes due 2024 for $114.7M of 7.125% senior secured notes due 2028 (including 1.688% call premium).
After refinancing, $103.5M of the original 2024 notes remain outstanding.
Obtained commitments for up to $50M additional 2028 notes contingent on performance benchmarks, proceeds to repurchase 2024 notes exclusively.
New notes mature June 1, 2028; interest payable semi-annually at 7.125%.
CEO states refinancing provides clear path to address remaining debt maturities and offers flexibility for investment.

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