{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-303756","form_type":"8-K","ticker":"SALM","cik":"0001050606","company_name":"SALEM MEDIA GROUP, INC. /DE/","filed_at":"2023-12-27T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.037261+00:00","generated_at":"2026-06-07T06:44:59.154650+00:00","sec_items":["1.01","1.02","2.03","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Salem Media closes $26M asset-based revolver, refinances Wells Fargo facility","bullets":["New $26M 3-year revolving credit facility with Siena Lending Group, replacing prior Wells Fargo facility.","Interest at 1-month SOFR + 4.50% (floor 4.30%); unused commitment fee 0.35% per annum.","Borrowing base on accounts receivable and certain mortgaged real estate; initial $3M availability block subject to EBITDA-based reduction.","First-priority lien on receivables, inventory, deposit accounts, certain real estate; second-priority on other assets.","Intercreditor agreement amended with U.S. Bank, collateral agent for 7.125% Senior Secured Notes due 2028."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-303756","json":"https://secwatch.observer/filing/0001193125-23-303756.json","markdown":"https://secwatch.observer/filing/0001193125-23-303756.md","text":"https://secwatch.observer/filing/0001193125-23-303756.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/0001193125-23-303756-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/d646855d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T06:44:59.154650+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":"296a707beaa84319222171055683bb686c76c2ce","claim":"SALEM MEDIA GROUP, INC. /DE/ terminated Prior Revolving Facility with Wells Fargo Bank, National Association (effective 2023-12-26).","evidence_excerpt":"On December 26, 2023, the Company terminated its existing credit facility (the “ Prior Revolving Facility ”) with Wells Fargo Bank, National Association, as administrative agent (the “ Prior Revolving Agent ”), using the proceeds from borrowings under the Loan and Security Agreement to repay all amounts outstanding under the Prior Revolving Facility.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/0001193125-23-303756-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"termination"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Wells Fargo Bank, National Association"},{"label":"Effective","value":"2023-12-26"}],"fact_type":"material_agreement"},{"claim_id":"5ba331ec7af40c04da5d38bf13a2204b8b428c17","claim":"SALEM MEDIA GROUP, INC. /DE/ entered into First Amendment to Intercreditor Agreement with Siena Lending Group LLC (effective 2023-12-26).","evidence_excerpt":"On December 26, 2023, in connection with the New Revolving Facility, the New Revolving Lender and U.S. Bank National Association, as collateral agent with respect to the Company’s 7.125% Senior Secured Notes due 2028, entered into a First Amendment to Intercreditor Agreement (the “ Intercreditor Agreement Amendment ”), acknowledged by the Company and its subsidiaries, which amends the Intercreditor Agreement, dated as of May 19, 2017, originally entered into by the Prior Revolving Agent and U.S. Bank National Association, as notes collateral agent (as amended, supplemented or otherwise modified, including pursuant to the Intercreditor Agreement Amendment, the “ Intercreditor Agreement ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/0001193125-23-303756-index.htm","confidence":0.7,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Siena Lending Group LLC"},{"label":"Effective","value":"2023-12-26"}],"fact_type":"material_agreement"},{"claim_id":"c0563c5f460145a204a9491cbc0cfc74e0b711b8","claim":"SALEM MEDIA GROUP, INC. /DE/ entered into Loan and Security Agreement with Siena Lending Group LLC valued at $26,000,000 (effective 2023-12-26).","evidence_excerpt":"On December 26, 2023, Salem Media Group, Inc. (the “ Company” ) and its subsidiaries entered into a Loan and Security Agreement (the “ Loan and Security Agreement ”) with Siena Lending Group LLC, as lender (the “ New Revolving Lender ”), pursuant to which the Company obtained $26,000,000 of senior secured revolving credit commitments (the “ New Revolving Facility ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/0001193125-23-303756-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Siena Lending Group LLC"},{"label":"Value","value":"$26,000,000"},{"label":"Effective","value":"2023-12-26"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}