---
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"
generated_at: "2026-06-11T13:49:04.003767+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Salem Media Group enters forbearance through Aug 31; credit cut to $25M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-210683
- JSON: https://secwatch.observer/filing/0001193125-23-210683.json
- Plain text: https://secwatch.observer/filing/0001193125-23-210683.txt

## Key facts
- Material Agreements
  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).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association
  - Value: Commitment reduced to $25,000,000; interest rate margin increased to Adjusted Term SOFR + 4.00% or b
  - Effective: 2023-08-07
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312523210683/0001193125-23-210683-index.htm

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