Salem Files For Note Exchange
January 29, 2010 at 4:46 AM (PT)
SALEM's prospectus for its offer to exchange all of its outstanding 9.625% Senior Secured Second Lien Notes Due 2016 issued DECEMBER 1st, 2009 for new notes has been registered with the SEC, with the new notes being "substantially identical" to the old notes except for elimination of certain transfer restrictions, registration rights, and additional interest. The exchange offer covers approximately $300 million in aggregate principal amount worth a minimum exchange denomination of $2,000.
The filing also notes that the deal to sell Religion RFD-A (880 AM WRFD THE WORD)/COLUMBUS to CHRISTIAN VOICE OF CENTRAL OHIO for $4 million did not close in DECEMBER, and the deal was cancelled, garnering SALEM a $200,000 termination fee.
Executive salaries were also disclosed in the filing, showing CEO ED ATSINGER's total compensation dropping from $1.6 million in 2008 to $942,996 in 2009, mostly due to not taking a bonus and receiving substantially fewer options in 2009; Chairman STUART EPPERSON saw his compensation drop from $908,252 to $456,493 for similar reasons; and President -- New Business Development, interactive and Publishing DAVID R. EVANS' compensation fell from $1.44 million to $445,797, mostly due to a lower bonus and radically lower option awards.