Salem Settles Tender Offer Early
March 14, 2013 at 12:48 PM (PT)
SALEM COMMUNICATIONS CORP. has announced that it has settled its tender offer and consent solicitation for its $213.5 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2016 early. The consent payment deadline for the offer expired on MARCH 8th.
SALEM also entered into new senior secured credit facilities, including an up to $300 million term loan and a revolving credit facility of up to $25 million, with the term loan being used to fund the tender offer, retire all other outstanding corporate debt, and pay related fees and expenses. The proceeds of the revolving credit facility will be used to provide ongoing working capital and for other general corporate purposes.