Salem Media Group Substantially Strengthens its Balance Sheet by Repaying All $159.4 Million of its Long-Term Debt and Brings in New Strategic Investor
Salem Media Group, Inc. (OTCQX:SALM) announced today that it has entered into a series of transactions pursuant to which it has repurchased all $159.4 million of its outstanding 7.125% Senior Secured Notes due 2028 (the "2028 Notes") at a $37.1 million discount, including accrued interest, has issued $40 million of a new series of convertible preferred stock, and has agreed to sell seven radio stations and enter into a marketing agreement for total consideration of $90 million.
David Santrella, Salem's Chief Executive Officer said, "Upon the closing of these three transactions, we will have transformed and significantly improved Salem's balance sheet and capital structure. With the except
