The debt restructuring plan Beasley Media Group announced in March is complete, with the company exchanging nearly all of its Second Lien Notes for new paper due 2027, which Beasley expects to clear the going concern opinion from auditors with its 2025 earnings.
The transactions closed on April 28, retiring $15.9 million in First Lien Notes.
In the Tender Offer, Beasley purchased $15.9 million in 11.000% Senior Secured First Lien Notes due 2028 at par, with $15 million in First Lien Notes remaining outstanding. In the Exchange Offer, holders of 99.53% of the company’s 9.200% Senior Secured Second Lien Notes, representing $184.1 million in principal, tendered their holdings in exchange for newly issued 10.000% Senior Secured Second Lien PIK Notes due 2027, at an exchange ratio of 50 cents on the dollar.
Combined, the transactions reduce Beasley’s total outstanding debt from approximately $220 million to roughly $110 million.
Holders of approximately 98.7% of the First Lien Notes and 76.5% of the Second Lien Notes had entered into a transaction support agreement backing the offers when the plan was announced in March. A minimum participation condition requiring 100% Second Lien Note participation was waived by the supporting holder on April 28.
As part of the transaction support agreement, noteholders now hold the right to appoint an independent director to the Beasley Media Group board. Beginning 270 days after closing, the initial supporting holders may also propose candidates for an additional independent director and participate in forming a strategic alternatives committee of the board.
The deal closes as Beasley works through a turnaround under CEO Caroline Beasley and Chief Business Officer Kevin LeGrett, who joined from iHeartMedia in February. The company posted a $196.5 million net loss for 2025, driven largely by a $224.8 million non-cash impairment charge against its FCC licenses, and full-year net revenue fell to $205.9 million from $240.3 million in 2024.
