secwatch.observer — SEC 8-K summary
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Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2023-02-24T23:59:59+00:00
Accession:  0001193125-23-048864
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523048864/0001193125-23-048864-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523048864/d448575d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-048864

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