Salem Sets Price For Note Sale
November 23, 2009 at 3:26 PM (PT)
SALEM has priced the sale of $300 million aggregate principal amount of Senior Secured Second Lien Notes due 2016 at an initial price of 99.365%. The offering to qualified institutional buyers is scheduled to close on DECEMBER 1st.
The company intends to use the net proceeds plus borrowings under a new $30 million senior secured credit facility and the $27 million cash on hand to pay off the notes and debts owed under the existing credit facility.