secwatch.observer — SEC 8-K summary
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Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2021-09-16T23:59:59+00:00
Accession:  0001193125-21-274580
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312521274580/0001193125-21-274580-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312521274580/d230198d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-274580

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