SALEM MEDIA GROUP, INC. /DE/ (SALM): debt financing — Salem Media issues $44.7M of 7.125% Senior Secured Notes due 2028, redeems $36.5M of 2024 notes

SALEM MEDIA GROUP, INC. /DE/

Issued $44,685,000 additional 7.125% Senior Secured Notes due 2028 under existing indenture.
Net proceeds used to redeem all $36,535,000 of outstanding 6.750% Senior Secured Notes due 2024 at par plus accrued interest.
Redemption of 2024 Notes set for March 27, 2023; obligations discharged on March 20, 2023.
First Supplemental Indenture added subsidiary guarantors and reduced the Consolidated Total Debt Ratio threshold for dividend payments.
Notes not registered under Securities Act; sold to qualified institutional buyers.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SALEM MEDIA GROUP, INC. /DE/ incurred senior notes of $44,685,000 with qualified institutional buyers at 7.125% per annum maturing 2028.

Instrument: senior notes
Principal: $44,685,000
Counterparty: qualified institutional buyers
Rate: 7.125% per annum
Maturity: 2028
Event: incurrence

Exact text from the filing

On March 20, 2023, Salem Media Group, Inc. (the “ Company ”) issued and sold an aggregate principal amount of $44,685,000 in additional 7.125% Senior Secured Notes due 2028 (the “ Additional 2028 Notes ”) pursuant to an indenture, dated as of September 10, 2021 (the “ Base Indenture ”), as amended and supplemented by a supplemental indenture, dated as of March 20, 2023 (the “ First Supplemental Indenture ” and together with the Base Indenture, the “ 2028 Notes Indenture ”), among the Company, the guarantors named therein (the “ Subsidiary Guarantors ”) and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “ Trustee ”) and collateral agent (the “ Collateral Agent ”).

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Source: SEC EDGAR

accession 0001193125-23-074831

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