Exhibit 99.3
[SALEM COMMUNICATIONS LOGO]
FOR IMMEDIATE RELEASE
December 27, 2001
SALEM COMMUNICATIONS ANNOUNCES
CLOSING OF EXCHANGE OFFER FOR
SALEM HOLDINGS 9% SERIES A SENIOR SUBORDINATED NOTES
CAMARILLO, Calif. -- Salem Communications Corporation (Nasdaq: SALM), Salem
Communications Holding Corporation and their affiliate guarantors today
announced that they have completed their exchange offer launched November 13,
2001 of up to $150,000,000 in principal amount of Salem Holding's 9% Series B
Senior Subordinated Notes due 2011, which have been registered under the
Securities Act of 1933, as amended, for a like amount of its outstanding 9%
Series A Senior Subordinated Notes due 2011.
The initial offering period expired at 5:00 p.m., New York City time, on
December 14, 2001, and the subsequent offering period expired at 5:00 p.m., New
York City time, on December 19, 2001 Salem Communications reported that an
aggregate of $149,670,000 in principal amount of the outstanding Series A notes
were exchanged for a like principal amount of the Series B notes.
Salem Communications Corporation, headquartered in Camarillo, California, is the
leading radio broadcaster focused on religious and family issues programming.
Upon the close of all announced transactions, the company will own and/or
operate 81 radio stations, including 56 stations in the top 25 markets. In
addition to its radio properties, Salem owns the Salem Radio Network, which
syndicates talk, news and music programming to over 1,600 affiliated radio
stations throughout the United States; OnePlace.com, the leading Internet
provider of Christian radio content; and CCM Communications, a leading publisher
of contemporary Christian music trade and consumer publications.
Media Contacts: Analysts and Investors:
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Amanda Strong John Buckley
Salem Communications Corporation Brainerd Communicators
(805) 987-0400 ext. 1081 (212) 986-6667
amandas@salem.cc buckley@braincomm.com
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