By Paul A. Harris
St. Louis, Dec. 13 - Salem Communications Holdings Corp. priced an off-the-shelf offering of $100 million of senior subordinated notes due Dec. 15, 2010 (B3/B-) at par Friday to yield 7¾%, according to a market source.
Deutsche Bank Securities Inc. was the bookrunner. BNY Securities was co-manager.
Proceeds will be used, along with cash on hand and credit facility borrowings, to redeem up to all its outstanding 9 ½% senior subordinated notes due 2007.
The issuer is a religious and family radio broadcaster headquartered in Camarillo, Calif.
Issuer: Salem Communications Holding Corp.
| Amount: | $100 million
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| Maturity: | Dec. 15, 2010
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| Security description: | Senior subordinated notes
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| Manager: | Deutsche Bank Securities
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| Co-manager: | BNY Securities
|
| Coupon: | 7¾%
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| Price: | Par
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| Yield: | 7¾%
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| Spread: | 408 basis points
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| Call features: | Callable on Dec. 15, 2006 at 103.875, 101.938, par on Dec. 15, 2008 and thereafter
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| Equity clawback: | Until Dec. 15, 2005 for 35% at 107.75
|
| Settlement date: | Dec. 23, 2002
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| Ratings: | Moody's: B3
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| Standard & Poor's: B-
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| Cusip: | 79409PAD7
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