SMG Announces Additional 7.125% Senior Notes Due 2028

RADIO ONLINE | Monday, March 27, 2023

Salem Media Group

Salem Media Group has completed its previously announced redemption in full of the remaining $36.5 million in outstanding aggregate principal amount of its 6.75% Senior Secured Notes due 2024. The redemption was funded through the issuance by the company on March 20 of $44.685 million in additional 7.125% Senior Secured Notes due 2028. A portion of the proceeds was used to satisfy and discharge the Indenture relating to the 2024 Notes on March 20 and to complete the redemption on March 27.

The additional 2028 Notes and the related guarantees were sold to certain existing holders of the company's outstanding 2028 Notes whom SMG believes to be qualified institutional buyers, in a private placement. The additional 2028 Notes and the related guarantees have not been and will not be registered.