Beasley Media Group has elected to use a 30-day grace period for interest payments totaling approximately $10.2 million that were due February 1, marking the latest development in the company’s ongoing efforts to manage debt after its 2024 refinancing.
Beasley’s Mezzanine Holdings subsidiary is delaying payments under two note agreements. The company owes approximately $8.5 million under its 9.200% senior secured second lien notes due 2028 and approximately $1.7 million under its 11.000% senior secured first lien notes due August 1, 2028.
In an SEC filing, the company stated it “is actively engaged in discussions with various stakeholders with respect to a number of potential alternatives regarding a restructuring of the Company’s outstanding indebtedness and strengthening its overall financial flexibility.” Beasley provided no assurances regarding timing or outcome of the restructuring process, but says the decision does not impact business operations or obligations to advertisers, employees, suppliers or other stakeholders.
The grace period follows months of amendments and extensions related to the “digital-first” broadcaster’s debt obligations.
In November, Beasley secured its second supplemental indenture with Wilmington Trust, National Association, modifying terms on the 9.200% notes due 2028. That agreement, approved by a majority of noteholders, pushed back a key compliance date from November 14, 2025, to January 31, 2026, and lowered certain transaction thresholds from $5 million to $2 million.
That springing maturity date had already been pushed back from November 3 to November 14. Although the company successfully completed a debt exchange in October 2024, that clause allowed the 2028 bonds to come due early if any of Beasley’s older 8.625% senior secured notes due 2026 remained outstanding, as they do now.
The deal also raised the limit on accounts receivable that can be sold or transferred from $14.5 million to $46.5 million, increased permitted investments to $46.5 million and permitted liens to $32 million, and added an exception for proceeds from Beasley’s June sale of Tampa station WPBB to Educational Media Foundation, allowing those funds to go toward tax payments, accounts payable, or other uses approved by noteholders holding more than half of the outstanding debt.
While no Q4 earnings call date has been set at this time, Beasley reported third-quarter 2025 revenue of $51 million, down 11% on a same-station basis and 7.5% excluding political. Beasley posted an operating loss of $536,000, compared to $1.2 million in income the previous year, and a net loss of $3.56 million. Fourth-quarter revenue was projected down approximately 20% year over year, with full-year 2025 expenses expected to decline between $25 million and $30 million.
Beasley now has until early March to either make the $10.2 million payment, reach a restructuring deal with creditors, or face a potential default.
