Beasley Broadcast launches exchange ofer, new notes offer, tender offer

Beasley Broadcast Group announced that its wholly owned subsidiary, Beasley Mezzanine Holdings, has commenced an exchange offer pursuant to which holders may exchange their outstanding 8.625% Senior Secured Notes due 2026 into: newly issued 9.200% Senior Secured Notes due August 1, 2028 at an exchange ratio of 95.0% of the aggregate principal amount of the Existing Notes tendered for exchange; a pro rata share of 3,588,495 shares of Class A common stock of the Company, based upon pro rata ownership of the Exchange Notes issued by the Issuer, pursuant to the terms and conditions described in the Exchange Offer Memorandum and Consent Solicitation Statement, dated September 5, 2024 and a consent fee of $5.00, in each case per $1,000 principal amount of Existing Notes tendered. A holder of approximately 73% of the Existing Notes has entered into a transaction support agreement to support the Exchange Offer, subject to certain customary conditions, including a minimum participation condition requiring 100% of Existing Noteholders to participate in the Exchange Offer or Tender Offer/ Caroline Beasley, Chief Executive Officer of Beasley Media Group, said, “We are very pleased with the announcement of both the launch of this transaction and the support of a holder of approximately 73% of our outstanding indebtedness. We believe this transaction, when consummated, will provide meaningful long-term improvements to our balance sheet and provide value to debt holders and equity holders alike. This transaction is the product of several months of negotiations and represents a significant initial step forward in our long-term plan to reduce leverage and position the Company for future success.”