---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-074831"
form_type: "8-K"
ticker: "SALM"
cik: "0001050606"
company_name: "SALEM MEDIA GROUP, INC. /DE/"
filed_at: "2023-03-20T23:59:59+00:00"
generated_at: "2026-06-17T22:49:24.828039+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Salem Media issues $44.7M of 7.125% Senior Secured Notes due 2028, redeems $36.5M of 2024 notes

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-074831
- form_type: 8-K
- ticker: SALM
- cik: 0001050606
- company_name: SALEM MEDIA GROUP, INC. /DE/
- filed_at: 2023-03-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1050606/000119312523074831/0001193125-23-074831-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1050606/000119312523074831/d293072d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-074831
- JSON: https://secwatch.observer/filing/0001193125-23-074831.json
- Plain text: https://secwatch.observer/filing/0001193125-23-074831.txt

## Key facts
- Debt Financings
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312523074831/0001193125-23-074831-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.