Beasley Broadcast launches debt exchange, tender and new notes to restructure $267M notes due 2026

BEASLEY BROADCAST GROUP INC

Exchange offer for existing 8.625% notes due 2026: receive 95% principal in new 9.200% notes due 2028, pro rata 3.588M shares of Class A common stock, and $5 cash per $1,000.
Separate tender offer for up to $68M of existing notes at 62.5% of par ($625 per $1,000), funded by $12.5M cash and $30M new 11.000% superpriority notes due 2028.
Supporting holders owning ~73% of existing notes entered Transaction Support Agreement and committed to backstop new notes, receiving 3.0% backstop fee.
Transactions conditioned on 100% participation of existing noteholders; expiration October 2, 2024, expected settlement October 4, 2024.
New notes are secured; exchange notes are second-lien, new notes are first-lien superpriority; consent solicitation to amend indenture and release liens.

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