Tag: Senior Secured Notes

Industry News

Salem Makes Balance Sheet Strengthening Move

By TALKERS | by TALKERS

Salem Media Group announces it 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, 2023 of $44.685 million in additional 7.125% Senior Secured Notes due 2028 of the company (the “2028 Notes”), a portion of the proceeds of which was used to satisfy and discharge the Indenture relating to the 2024 Notes on March 20, 2023 and to complete the redemption on March 27, 2023. The additional 2028 Notes and the related guarantees were sold to certain existing holders of the company’s outstanding 2028 Notes whom the company believes to be qualified institutional buyers, in a private placement. The company believes that the completion of this refinancing will strengthen its balance sheet.

Industry News

TALKERS News Notes

By TALKERS | by TALKERS

Salem Media Group, Inc announces it is issuing an irrevocable notice of redemption to the trustee of its outstanding 6.75% Senior Secured Notes due 2024. The Notice calls for the redemption – set for March 27, 2023 – in full of the remaining $36.5 million in outstanding aggregate principal amount of 2024 Notes at a price equal to 100% of the principal amount of the 2024 Notes being redeemed, plus accrued and unpaid interest to the redemption date. Salem 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 such holders in connection with the initial issuance of the 2028 Notes.

Major League Soccer’s D.C. United announce that it and iHeartMedia Washington D.C. are extending their partnership for iHM to handle local radio broadcasts for the team’s regular season matches on WTSD-AM, WWDC-HD2, and W284CQ and the iHeartRadio App. Dave Johnson, who has called matches for D.C. United since the club’s inception in 1996, will lead the production as the play-by-play commentator. Bruce Murray, former United States National Team player and DMV native, will accompany Johnson to begin the season.

Bloomberg Radio – syndicated nationally by Key Networks – announces that it welcomes new affiliate Cox Media Group’s WSB-AM/WSBB-FM, Atlanta. “95.5 WSB” says it will broadcast Bloomberg business content that is geared towards the burgeoning Atlanta market.