secwatch.observer — SEC 8-K summary
======================================

Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2023-08-11T23:59:59+00:00
Accession:  0001193125-23-210683
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523210683/0001193125-23-210683-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523210683/d511491d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-210683

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer