Beasley Media Group has extended key deadlines related to a debt exchange and tender offer that it previously announced. Beasley initiated the “new debt for old debt” exchange in September, allowing more time to repay its lenders at a slightly higher interest rate.
With 93% of the outstanding Existing Notes already submitted, Beasley Media Group’s subsidiary, Beasley Mezzanine Holdings LLC, has extended the withdrawal deadline, expiry date, and subscription form delivery date until 5p ET on Friday, October 4, unless extended further. The Settlement Date has also been moved to Tuesday, October 8, pending any further extensions.
This extension came at the request of certain holders of the existing 8.625% Senior Secured Notes due 2026, as they looked to adjust their participation in the tender and exchange offers. Beasley anticipates that the total number of Existing Notes submitted for tender or exchange will remain the same after accommodating the request.
In the exchange offer, noteholders will receive $950 in new notes for every $1,000 of old notes exchanged, plus company shares and a $5 consent fee per $1,000 exchanged. A key stakeholder, holding about 73% of the existing debt, backs the transaction, which requires full participation from all noteholders.
The exchange has been running at the same time as Beasley’s Board of Directors implemented a 1-for-20 reverse stock split after the Nasdaq market’s close on September 23. This move brought the company back in compliance with Nasdaq’s $1 minimum share price requirement. The total number of outstanding shares from 30.7 million to approximately 1.5 million. Fractional shares were converted to cash based on the September 23 closing price.
