Salem Media Group, Inc. (SALM) experiences a gain of 13.21% in the premarket. However, the last trading session closed at $3.71 with an increase of 12.42%.
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Launch of Doug Collins Podcast
SALM announced on 12th October 2021 that the Doug Collins Podcast will debut on October 25th. Former Congressman Doug Collins will host the podcast. Collins served in the Georgia Ninth Congressional District from 2013 until 2021. He was the Ranking Member of the House Judiciary Committee in the 116th Congress. Collins was a member of the Georgia state legislature prior to joining Congress. Moreover, he was also a chaplain in the United States Air Force Reserve, serving in Iraq from 2008 to 2009. Collins is still a member of the Air Force Reserve as a Lieutenant Colonel. From 1994 until 2005, he was also the pastor of Chicopee Baptist Church in Gainesville, Georgia. Last but not least, Collins also holds degrees from the University of North Georgia, John Marshall Law School in Atlanta, and New Orleans Baptist Theological Seminary in New Orleans.
Changes to the SALM Team
SALM announced on 29th September 2021 that Russ Hauth will retire from Salem on October 22, 2021, after a 34-year connection with the company. Russ was the SVP of National News and Public Affairs at Salem during his tenure there. He was also Salem’s primary negotiator on music licensing problems for many years as the Executive Director of the National Religious Broadcasters Music License Committee. Russ has been the director of Salem’s Office of Government Relations in recent years.
In addition to his continued job as GM, Minneapolis General Manager Nic Anderson will assume responsibility for Government Relations. Nic is involved with the Minneapolis Broadcasters Association, is a regular attendee at the state leadership conference. Lastly, Nic has a strong interest and aptitude in this field, and he is well aware of the particular characteristics of Salem that influence our tactics and how we communicate both inside and beyond the Beltway.
Closing of Refinancing of $112.8 Million
SALM stated on 13th September 2021 that it has completed the refinancing of $112.8 million in senior secured notes due 2024. This can be done by exchanging $112.8 of such 2024 Notes for $114.7 of newly issued 7.125 percent Senior Secured Notes due 2028. Only $103.5 million of the 2024 Notes are still outstanding after the Refinancing. Concurrent with the Financing, SALM has received agreements from holders of the 2028 Notes to acquire up to $50 million in additional 2028 Notes, subject to Salem meeting certain quality standards, with the profits going solely to repurchase or repay the 2024 Notes.
SALM appears to believe that the 2028 Notes’ prolonged competence, the capacity to use those asset sale proceeds, and casualty loss are important to a great extent. Not only this but the commitments to purchase up to $50 million in additional 2028 Notes, and other attributes of the Refinancing, all make a significant contribution to SALM’s ability to pay the remaining 2024 Notes in full prior to or at maturity.