Salem Media Group closed a new $26.0 million 3-year asset-based revolving credit facility with Siena Lending Group, which refinanced its prior revolving facility with Wells Fargo Bank.
Obligations under the New Revolving Facility are secured by a first-priority lien on the Company’s and its subsidiaries’ accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets, and a second-priority lien on substantially all other assets of the Company and its subsidiaries.