Salem Media announces voluntary redemption of Senior Notes

Salem Media Group announced that it 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 aggregate principal amount of 2024 Notes. The redemption date will be March 27, 2023 and the redemption price will be equal to 100% of the principal amount of the 2024 Notes being redeemed, plus accrued and unpaid interest to the redemption date, in accordance with the provisions of the indenture governing the 2024 Notes. 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 such holders in connection with the initial issuance of the 2028 Notes. The closing of the Additional Notes Issuance is subject to the satisfaction of customary closing conditions and there can be no assurance that the Additional Notes Issuance will be completed as contemplated or at all.