Salem tender offer comes to a conclusion

0

Salem CommunicationsReligious radio and multimedia group Salem Communications has brought a tender offering to a close, paying a little better than $1.1K per $1K worth of notes in a move that brings its debt structure up to date.


The tender offer was for any and all of its $213.5 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2016.

Salem said that as of 3/14/13, 99.58% of the aggregate principal amount had been tendered, amounting to $212.6M give or take. For every $1,000 in principal, participants received $1,106.54. The total payout was $240,305,859.55.

Coincident with the tender offer, Salem received a $300M term credit facility and a $25M revolver; the term loan was used to finance the tender offer, clear out all other outstanding corporate debts and to pay fees and expenses related to the financial moves.

Salem said it still has $913M in aggregate principal notes outstanding.