Salem Media amends credit agreement: LC limit raised to $3M, consents to sale-leaseback with $6.2M debt prepayment

SALEM MEDIA GROUP, INC. /DE/

Letter of credit limit increased from $1.0M to $3.0M under the Siena Lending Group facility.
Lender consents to sale-leaseback of Camarillo, CA property; at least $6,231,900 in net proceeds to prepay revolving loans.
Post-sale, aggregate revolving loans and undrawn LCs must remain at least $6.5M (minimum usage threshold).
Sublimit on advances against eligible real estate reduced quarterly by $178,571 starting April 1, 2024.

item 1.01 item 9.01

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 Letter Amendment and Consent with Siena Lending Group LLC (effective 2024-01-19).

Action: amendment
Agreement: credit facility
Counterparty: Siena Lending Group LLC
Effective: 2024-01-19

Exact text from the filing

On January 19, 2024, Salem Media Group, Inc. (the “ Company” ) and Siena Lending Group LLC (the “ Lender ”) entered into a Letter Amendment and Consent (the “ Amendment Letter ”) amending that certain Loan and Security Agreement (the “ Loan and Security Agreement ”), dated as of December 26, 2023, by and among the Lender, the Company and certain subsidiaries of the Company (collectively with the Company, the “ Borrowers ”).

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Source: SEC EDGAR

accession 0001193125-24-015453

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