Salem Refinances With Wells Fargo
November 21, 2011 at 5:08 AM (PT)
SALEM COMMUNICATIONS CORP. has refinanced its senior credit facility, moving its $40 million revolving credit facility from BANK OF AMERICA to WELLS FARGO. The facility includes a $5 million subfacility for standby letters of credit and a $5 million subfacility for swingline loans.
In addition, the company has entered into separate binding letters of intent with CEO ED ATSINGER and Chairman STU EPPERSON for the executives to provide unsecured revolving lines of credit of up to $3 million and $6 million, respectively, with borrowed funds usable to repurchase a portion of SALEM's outstanding senior secured notes.