Salem Media Group, today trading on the over-the-counter markets as “SALM,” has entered into a third amendment to a loan and security agreement with Siena Lending Group LLC.
It’s designed to bring more cash to the fiscally fragile parent of Christian-themed and conservative News/Talk audio and video programming.
The amendment, dated July 28, adjusts the agreement forged in December 2023 by adding additional real property owned by Salem to the collateral under the fiscal pact.
This will increase the borrowing base, and thus the amount Salem can borrow from Siena under its agreement. Salem had originally agreed to a $26 million 3-year asset-based revolving credit facility.
Salem December 23, 2025 completed a one-year lengthening of its Asset Based Loan revolving facility with Siena. The Series B Preferred Stock and Subordinated Notes were issued, and the Series A Preferred Stock were also issued, to investors the company believed to be accredited investors, through private placements.
Obligations are secured by two liens. There is a first-priority lien on Salem and its subsidiaries’ accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets. A second-priority lien is on “substantially all other assets of the company and its subsidiaries.”
On news of the increased lending capacity, Salem shares rose by more than 6% in Tuesday’s trading, to $0.99.
It has been two months since Salem shares closed above $1 in value.
