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Salem Communications launches cash-for-debt offer
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CAMARILLO, Calif. - Publisher and radio broadcaster Salem Communications Corp. on Monday launched a cash tender offer for $89.7 million in outstanding debt.
The company said it is seeking holders of the 7 3/4-percent senior subordinated notes due 2010 of its subsidiary Salem Communications Holding Corp. The offer will expire 11:59 p.m. EST on Dec. 14.
Debtholders who tender their notes before 5 p.m. Nov. 30 will receive their total principle plus a payment of $30 for every $1,000 tendered, plus any accrued or unpaid interest.
Those who tender their notes after Nov. 30 but before Dec. 14 will receive $970 for each $1,000 in principle, plus interest.
Shares of Salem rose 19 cents, or 4.9 percent, to $4.08 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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