{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-210683","form_type":"8-K","ticker":"SALM","cik":"0001050606","company_name":"SALEM MEDIA GROUP, INC. /DE/","filed_at":"2023-08-11T23:59:59+00:00","discovered_at":"2026-05-14T18:03:33.020571+00:00","generated_at":"2026-06-11T13:49:04.003767+00:00","sec_items":["1.01","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Salem Media Group enters forbearance through Aug 31; credit cut to $25M","bullets":["Lenders forbear on specified defaults (incl. fixed charge coverage ratio breach) until August 31, 2023.","Revolving commitments reduced to $25,000,000 from prior level.","Interest rate margin increased to SOFR +4.00% or base +3.00%, effective July 1, 2023.","Fixed charge coverage ratio replaced with minimum $1M availability covenant.","Default rate removed for forbearance period; lenders may re-impose after expiration."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-210683","json":"https://secwatch.observer/filing/0001193125-23-210683.json","markdown":"https://secwatch.observer/filing/0001193125-23-210683.md","text":"https://secwatch.observer/filing/0001193125-23-210683.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523210683/0001193125-23-210683-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523210683/d511491d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T13:49:04.003767+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"48efd6022ad742eeaa85f6bd3a526ad3fa6aa92a","claim":"SALEM MEDIA GROUP, INC. /DE/ amended Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement with Wells Fargo Bank, National Association valued at Commitment reduced to $25,000,000; interest rate margin increased to Adjusted Term SOFR + 4.00% or b (effective 2023-08-07).","evidence_excerpt":"Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of August 7, 2023 Salem Media Group, Inc. (the “ Company ”) and certain subsidiaries of the Company party to the Credit Agreement and the Guaranty and Security Agreement (each as defined below) (together with the Company, the “ Loan Parties ”) entered into a Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of August 7, 2023 (the “ Seventh Amendment ”), with the lenders party thereto (the “ Lenders ”), and Wells Fargo Bank, National Association, as administrative agent (the “ Agent ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523210683/0001193125-23-210683-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Wells Fargo Bank, National Association"},{"label":"Value","value":"Commitment reduced to $25,000,000; interest rate margin increased to Adjusted Term SOFR + 4.00% or b"},{"label":"Effective","value":"2023-08-07"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}