Beasley Completes Exchange Offer to Reduce Debt
Beasley Broadcast Group, Inc completes the exchange offer and offer to purchase that will eliminate about half of its current $220 million in debt. 
Holders of the company’s existing 9.200% Senior Secured Second Lien Notes due 2028 agreed to exchange them for newly issued 10.000% Senior Secured Second Lien PIK Notes due 2027 at an exchange ratio of 50 cents on the dollar. On March 30, Beasley completed the purchase of $15.9 million aggregate principal amount of Existing First Lien Notes, and $15 million aggregate principal amount of the Existing First Lien Notes remains outstanding.
accepted $15,899,000 in aggregate principal amount of such tenders in accordance with the terms of the Tender Offer. On March 30, 2026, the company completed the purchase of $15,899,000 in aggregate principal amount of the Existing First Lien Notes pursuant to the Tender Offer. As of 5:00 pm on April 15, 2026, approximately 98% of the aggregate principal amount of the Existing Second Lien Notes have validly tendered in the Exchange Offer and provided consents to the proposed amendments to the Existing Second Lien Notes Indenture.
Lien Senior Secured Notes due 2031. The company reports that it “received from Eligible Holders valid and unwithdrawn tenders and related Consents, as reported by its exchange agent, representing approximately $476.02 million in aggregate principal amount of Existing Notes, or approximately 97.580% of the aggregate principal amount of Existing Notes outstanding.” This move allows Urban One to kick the can down the road another three years in exchange for paying debt holders a higher rate of return.
Notes due 2031, to be issued by the company and guaranteed by each existing and future subsidiaries of the company, and cash. In connection with the Exchange Offer, Urban One begins offer to purchase up to $185 million in aggregate principal amount of the Existing Notes for up to $111 million in cash. In connection with the Exchange Offer, the company is also offering Eligible Holders the right to subscribe to purchase up to $60.6 million in aggregate principal amount of 10.500% first lien senior secured notes due 2030.
pm, New York City time, on October 4, 2024, unless further extended. The Settlement Date has been extended to October 8, 2024, unless further extended. The extension was granted at the request of certain key holders of the existing 8.625% Senior Secured Notes due 2026 to amend their relative participation in the Tender Offer and the Exchange Offer. As of 5:00 pm on September 30, 2024, approximately 93% of outstanding Existing Notes have been submitted for tender or exchange in the Offers. The Company anticipates that after accommodating this request the total number of Existing Notes tendered or exchanged by the requesting Holders will remain unchanged.