secwatch.observer — SEC 8-K summary
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Issuer:     SALEM MEDIA GROUP, INC. /DE/ (SALM)
CIK:        0001050606
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001193125-24-015453
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1050606/000119312524015453/0001193125-24-015453-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1050606/000119312524015453/d719020d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-015453

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