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Salem Amends Credit Facility
June 13, 2006 at 6:14 AM (PT)
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SALEM COMMUNICATIONS CORP. has amended its senior credit facility effective JUNE 9 to increase its loan commitments to $315 million, allow for payment of up to $5 million a year in dividends (an additional $30 million in divvidends for the life of the credit facility), allow a stock buyback and dividend payments up to $50 million when total leverage is greater than 4 to 1 but less than 5.5 to 1 and up to $15 million when leverage is over 5.5 to 1, and allow for stock buybacks or additional dividend payments using a portion of asset sale proceeds.

