Beasley Broadcast Group Extends Offer Deadline Extension
| RADIO ONLINE | Tuesday, October 1, 2024 | 11:13am CT |
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 Beasley Broadcast Group |
Beasley Broadcast Group has announced the extension of deadlines for its ongoing financial restructuring efforts through its subsidiary, Beasley Mezzanine Holdings LLC. The adjustments include the Withdrawal Deadline, Expiration Date and Subscription Form Delivery Date for its exchange and tender offers, as well as for the issuance of new notes. These deadlines have now been extended to 5pm ET on October 4 with the Settlement Date also pushed to October 8.
This decision comes in response to requests from key holders of the existing 8.625% Senior Secured Notes due 2026, seeking amendments to their participation terms in the tender and exchange offers. As the market closed on September 30, about 93% of the outstanding Existing Notes had been tendered or exchanged. Beasley anticipates no change in the volume of notes tendered by these holders following the accommodation of their requests.
Beasley Broadcast Group launched the exchange offer on September 5 aimed at restructuring its outstanding debt. The company offered holders of its 8.625% Senior Secured Notes due 2026 the option to exchange them for newly issued 9.200% Senior Secured Notes due August, 2028 with additional equity incentives and a consent fee.
As part of the exchange, noteholders will receive 95% of the principal amount of the new notes in exchange for the existing notes, along with a pro rata share of 3.59 million Class A common stock shares and a $5.00 consent fee per $1,000 of principal amount tendered. A holder representing about 73% of the existing notes has agreed to support the transaction, contingent on full participation from noteholders.
The newly issued Exchange Notes, New Notes, and Exchange Shares will not be registered under the federal securities laws or any state securities laws, and will not be offered for resale in the absence of registration or an applicable exemption from registration requirements.
