Salem Media Group to redeem $36.5M 6.75% notes due 2024, issue $44.7M 7.125% notes due 2028

SALEM MEDIA GROUP, INC. /DE/

Issued notice to redeem all $36,535,000 of 6.750% Senior Secured Notes due 2024 on March 27, 2023 at par plus accrued interest.
To fund redemption, plans to issue $44,685,000 of additional 7.125% Senior Secured Notes due 2028 under existing purchase agreement.
New notes have higher coupon (7.125% vs 6.750%) and longer maturity (2028 vs 2024); closing subject to customary conditions.
Net proceeds from additional notes exceed redemption amount, implying additional capital raise.

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