Salem Sets Price For Note Sale

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.

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