SMG Closes Refinancing of $112.8M of Senior Secured Notes

Salem Media Group

Salem Media Group has closed the refinancing of $112.8 million of its senior secured notes due 2024 by way of exchange and/or sale and purchase of $112.8 of 2024 Notes into $114.7 of newly issued 7.125% Senior Secured Notes due 2028. After the refinancing, only $103.5 million of the 2024 Notes remain outstanding.

Originating during the same time with the refinancing, Salem has obtained commitments from the holders of the 2028 Notes to purchase up to $50 million in additional 2028 Notes, contingent upon Salem satisfying certain performance benchmarks, the proceeds of which are to be used to repurchase or repay 2024 Notes.

"With this refinancing and our expected future free cash flow generation, we believe Salem has a clear path to ultimately push out all of the rest of our outstanding debt maturities. It also provides flexibility to opportunistically invest in our business," stated SMG CEO Edward G. Atsinger III.

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SMG Closes Refinancing of $112.8M of Senior Secured Notes

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SMG Closes Refinancing of $112.8M of Senior Secured Notes

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