Key Developments For Salem Communications Corporation
Salem Communications Corporation (SALM.O) (Consolidated Issue listed on NASDAQ Global Market)
Salem Communications Corp. Announces Pricing Of $300 Million Of 9.625% Senior Secured Second Lien Notes Due 2016
Salem Communications Corp. announced that it has priced $300 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2016 at an initial price of 99.365%. The offering is expected to close on December 1, 2009. As previously announced, the notes will be issued in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (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. The notes are being offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Act. The notes will not be registered under the Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Salem Communications Corp. Intends To Offer $300 Million of Senior Secured Second Lien Notes Due 2016
Salem Communications Corp. announced that it 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.
Salem Communications Corp. Comments On Q4 2009 Revenue Outlook
Salem Communications Corp. announced that for fourth quarter of 2009, it expects total revenue to decrease 8%-10% over fourth quarter of 2008 total revenue of $54.8 million.
Liquid Compass Signs Saga Communications, Inc. And Salem Communications Corp. To Multi-Year Contracts
Liquid Compass announced that it has signed Salem Communications Corp. and Saga Communications, Inc. to its streaming radio network. Combined, the multi-year contracts add 154 stationsand top-50 U.S. markets to the Liquid Compass network.
Salem Communications Corp. Issues Q3 2009 Revenue Outlook
Salem Communications Corp. announced that for the third quarter of 2009, it expects revenue to decrease 12% to 15% over third quarter 2008 total revenue of $54.4 million.
