SMG Voluntarily Redeems 6.75% in Senior Notes Due 2024

RADIO ONLINE | Monday, February 27, 2023

Salem Media Group

Salem Media Group has issued an irrevocable notice of redemption to the trustee of its outstanding 6.75% Senior Secured Notes due 2024. The Notice calls for the redemption in full of the remaining $36.5 million in outstanding principal amount of 2024 Notes. The redemption date will be March 27 and the price will be equal to 100% of the principal amount of the 2024 Notes being redeemed, plus accrued and unpaid interest.

The company expects to pay the redemption price for the 2024 Notes by issuing an additional $44.685 million in aggregate principal amount of its 7.125% Senior Secured Notes due 2028 to certain holders of its 2028 Notes pursuant to a purchase agreement entered into with holders in connection with the initial issuance of the 2028 Notes. The closing of the Additional Notes Issuance is subject to customary closing conditions and there can be no assurance that the issuance will be completed as contemplated or at all.