Salem Tender Offer Accepted For 99.58% Of Senior Secured Second Lien Notes
March 11, 2013 at 6:23 AM (PT)
SALEM COMMUNICATIONS CORP. has announced that the consent payment deadline for its tender offer and consent solicitation for its $213.5 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2016 expired on FRIDAY (3/8) and that 99.58% of notes were tendered. The company says it expects to secure a revolving credit facility of up to $25 million and a term loan facility of up to $300 million to fund the offer.
Holders of notes who validly tendered and did not validly withdraw their notes and consents by the consent payment deadline will get $1,106.54 for each $1,000 in principal amount of tendered notes, plus interest. Those who tender their notes after the consent payment deadline but before MARCH 22nd will get $1,076.54 per $1,000 in principal amount plus interest.
SALEM will also issue a notice of redemption for any outstanding notes on the initial payment date.