Salem Media extends forbearance through Nov. 27, accelerates maturity

By Wendy Van Sickle

Columbus, Ohio, Nov. 3 – Salem Media Group, Inc. entered into an amendment to its credit agreement with Wells Fargo Bank, NA as administrative agent and an amendment to its forbearance agreement on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The current forbearance agreement was extended through and including Nov. 27 from Nov. 3.

Additionally, the credit agreement was amended to shorten the maturity date to Feb. 1, 2024, to increase the minimum availability requirement to $2 million from $1 million and impose restrictions on cash balances and use of proceeds.

The original agreement was entered May 19, 2017.

Salem is a multimedia company based in Camarillo, Calif., that specializes in Christian and conservative content.

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