Beasley Broadcast completes debt restructuring with noteholder consent

Beasley Broadcast Group Inc. (NASDAQ: BBGI) completed its debt restructuring transactions, receiving consent from 100% of existing first lien noteholders to proposed amendments and achieving 99.53% participation in its second lien note exchange offer.

The Naples, Florida-based media company announced the expiration of its exchange offer, tender offer and consent solicitations on April 28. The company purchased $15.9 million in aggregate principal amount of existing first lien notes through the tender offer, leaving $15.0 million outstanding.

In the exchange offer, holders of existing second lien notes exchanged $184.056 million in principal amount for newly issued 10.000% Senior Secured Second Lien PIK Notes due 2027 at an exchange ratio of 50% of the original principal amount. The exchange rate meant holders received $500 in new notes for every $1,000 of existing notes tendered.

Holders representing approximately 98.7% of existing first lien notes and 76.5% of existing second lien notes had previously entered into a transaction support agreement to support the offers. A supporting holder waived a minimum participation condition requiring 100% participation by second lien noteholders on April 28.

The company operates radio stations across multiple U.S. markets including Boston, Charlotte, Detroit, Las Vegas, Philadelphia and Tampa-Saint Petersburg. Beasley offers integrated marketing solutions across audio, digital and event platforms to local and national advertisers.

Latham & Watkins LLP served as legal counsel to the company for the transactions.

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