Salem Media extends forbearance to Dec 18; availability minimum raised to $5M then $7.5M

SALEM MEDIA GROUP, INC. /DE/

Forbearance period extended through December 18, 2023.
Minimum Availability increased to $5M from Dec 1-8 and $7.5M thereafter.
Outstanding Revolving Loans and L/C usage: $20,143,543.39 as of Nov 30, 2023.
Designated Events of Default continue; amendment includes release and reaffirmation of obligations.
Amendment also raises minimum availability to $7.5M after Dec 8.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SALEM MEDIA GROUP, INC. /DE/ amended "Credit Agreement" with Wells Fargo Bank, National Association, as administrative agent (effective 2023-12-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent
Effective: 2023-12-01

Exact text from the filing

Salem Media Group, Inc. (the “ Company” ) and certain subsidiaries of the Company party to the Credit Agreement and the Forbearance Agreement (each as defined below) (together with the Company, the “ Loan Parties” ) entered into an Amendment Number Eleven to Credit Agreement and Amendment to Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of December 1, 2023 (the “ Amendment” ), with the lenders party thereto (the “ Lenders” ), and Wells Fargo Bank, National Association, as administrative agent (the “ Agent” ).

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SALEM MEDIA GROUP, INC. /DE/ filing history →

Source: SEC EDGAR

accession 0001193125-23-287578

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