secwatch.observer — SEC 8-K summary
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Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2023-12-27T23:59:59+00:00
Accession:  0001193125-23-303756
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Salem Media closes $26M asset-based revolver, refinances Wells Fargo facility
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/0001193125-23-303756-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312523303756/d646855d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-303756

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