Salem Communications Corporation Completes Credit Facilities, Rule 144A Offering and Tender Offer

December 1, 2009

Cahill represented Bank of America as Administrative Agent and Banc of America Securities, Barclays Bank and ING Capital as Joint Lead Arrangers in connection with a $30 million senior secured revolving credit facility for Salem Communications Corporation. Cahill represented Banc of America Securities, Barclays Capital, ING and Houlihan Lokey as initial purchasers in connection with Salem's $300,000,000 Rule 144A offering of 9.625% Senior Secured Second Lien Notes due 2016. Cahill also represented Banc of America Securities and Houlihan Lokey as dealer managers on Salem's tender offer and consent solicitation for its existing 7 3/4% Senior Subordinated Notes due 2010. The transactions were part of a refinancing plan to repay Salem's existing credit facilities and redeem all of its existing 7 3/4% Notes.