Loan & DebtApr 29, 2026, 08:18 AM
BBGI Completes Debt Refinancing; $184M Second Lien Notes Exchanged
AI Summary
Beasley Broadcast Group announced the final results of its debt refinancing efforts, including an exchange offer, tender offer, and consent solicitations. The company successfully exchanged $184.06 million of its 9.200% Senior Secured Second Lien Notes due 2028 for new 10.000% Senior Secured Second Lien PIK Notes due 2027, with 99.53% participation. Additionally, it completed a tender offer for $15.9 million of its 11.000% Senior Secured First Lien Notes due 2028, achieving 100% consent for related indenture amendments.
Key Highlights
- Completed exchange offer for 9.200% Second Lien Notes due 2028.
- $184.06M aggregate principal of Second Lien Notes tendered and accepted.
- 99.53% of Second Lien Notes participated in the exchange offer.
- Exchanged for new 10.000% Second Lien PIK Notes due 2027 at 50% ratio.
- Completed tender offer for $15.9M of 11.000% First Lien Notes due 2028.
- 100% of First Lien Noteholders consented to proposed amendments.
- $15.0M aggregate principal of First Lien Notes remain outstanding.