After an initial eleven-day extension last month, Beasley Media Group has given itself a bit more breathing room as it continues managing debt tied to its 2024 refinancing, securing amendments to its 2028 notes around liquidity and key compliance deadlines.
According to a November 12 filing with the SEC, Beasley has signed a Second Supplemental Indenture dated November 12, 2025, with Wilmington Trust, National Association, acting as trustee and second lien collateral agent.
The agreement modifies Beasley’s existing 9.200% Senior Secured Second Lien Notes due 2028, first issued under an October 2024 indenture.
Approved by a majority of noteholders, the amendments adjust several financial terms and definitions to give Beasley greater flexibility in managing assets and liquidity while keeping the notes’ main terms in place. The new agreement raises the limit on accounts receivable that can be sold or transferred from $14.5 million to $46.5 million. It also increases “Permitted Investments” to $46.5 million and “Permitted Liens” to $32 million.
The filing adds a new exception for Beasley’s June sale of Tampa station WPBB to K-Love, allowing proceeds from that sale to go toward tax payments, accounts payable, or other uses approved by noteholders holding more than half of the outstanding debt.
Perhaps most importantly, the document also pushes back a key compliance date from November 14, 2025, to January 31, 2026, and lowers certain transaction thresholds from $5 million to $2 million. In addition, the use of receivables proceeds will be limited to repaying new notes and covering professional fees up to $500,000.
On October 30, Beasley extended the “springing maturity date” from November 3 to November 14. That clause allows the 2028 bonds to come due early if any of Beasley’s older 8.625% Senior Secured Notes due 2026 remain outstanding. The extra time gives the company additional flexibility to retire or refinance those earlier obligations.
All other terms of the 2028 notes remain unchanged.
The group reported Q3 2025 revenue of $51 million, down 11% on a same-station basis and 7.5% excluding political. The company posted an operating loss of $536,000, compared to $1.2 million in income last year, and a net loss of $3.56 million, nearly flat year over year.
Beasley projects Q4 revenue down about 20% year over year, with full-year 2025 expenses expected to decline between $25 million and $30 million.
