Salem Media Group, a conservative Christian multimedia company, closed a new three-year, $26 million asset-based revolving credit facility with Siena Lending Group. The new facility refinanced Salem Media Group’s prior revolving facility with Wells Fargo Bank.
Obligations under the new credit 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. The facility is also secured by a second-priority lien on substantially all other assets of the company and its subsidiaries.
