Salem Media Group, which trades on the Nasdaq exchange, has closed a new revolving facility with an entity that refinanced its previous revolving facility with Wells Fargo Bank.
The new $26.0 million 3-year asset-based revolving credit facility is with Siena Lending Group.
According to Salem, obligations under the New Revolving Facility are secured by two liens.
There is a first-priority lien on Salem’s (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.”
Salem shares rose by 4.5% on the news, to $0.5560 as of 12:16pm Eastern.
