Beasley Media Group has opened an Exchange Offer with its debt holders to exchange their outstanding 8.625% Senior Secured Notes due in 2026 into newly issued 9.200% Senior Secured Notes due August 1, 2028 at an exchange ratio of 95.0% of the aggregate principal amount (or $950 per $1,000 of principal amount) of the Existing Notes tendered for exchange.

Beasley says that a holder of approximately 73% of the Existing Notes has entered into a transaction support agreement to support the Exchange Offer, subject to certain customary conditions, including a minimum participation condition (the “TSA Minimum Participation Condition”) requiring 100% of Existing Noteholders to participate in the Exchange Offer or Tender Offer. The issuer of the notes will purchase up to $68.0 million of aggregate principal amount of the Existing Notes to holders who elect to exchange all of their Existing Notes in the Exchange Offer at a purchase price of 62.5% (or $625 per $1,000 of principal amount), plus accrued and unpaid interest. If more than $68.0 million principal amount of Existing Notes elect to receive the Tender Offer Consideration in the Tender Offer, $68.0 million principal amount of Existing Notes will be repaid in cash consideration o

Caroline Beasley, Chief Executive Officer of Beasley Media Group, said, “We are very pleased with the announcement of both the launch of this transaction and the support of a holder of approximately 73% of our outstanding indebtedness. We believe this transaction, when consummated, will provide meaningful long-term improvements to our balance sheet and provide value to debt holders and equity holders alike. This transaction is the product of several months of negotiations and represents a significant initial step forward in our long-term plan to reduce leverage and position the Company for future success.”