Salem Communications (SALM) Announces Intent to Offer $300 Million of Senior Secured
Salem Communications Corporation (NASDAQ: SALM) intends to offer, subject to market and other conditions, $300 million aggregate principal amount of Senior Secured Second Lien Notes due 2016 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Act"), and outside the United States in compliance with Regulation S under the Act. Salem intends to use the net proceeds from such offering, together with borrowings under a new $30 million senior secured credit facility to be entered into at the time of the closing of the offering and up to approximately $27 million of cash on hand, to repay its existing credit facilities and its 7 3/4% Senior Subordinated Notes due 2010.
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