Beasley Pushes Key Dates On Debt Restructuring Effort, Nears Full Participation.

Beasley Broadcast Group has extended several key deadlines tied to its ongoing effort to restructure portions of its debt, the company announced Thursday.

The company said deadlines connected to its previously announced exchange and tender offers, along with related consent solicitations, have been pushed to 5pm New York City time on Wednesday (April 22), unless extended again. Settlement dates for those transactions have also been moved to April 24.

The actions are part of a broader financial strategy involving two sets of bonds issued by Beasley’s wholly owned subsidiary, Beasley Mezzanine Holdings, LLC. The company is seeking to exchange or repurchase existing notes while also securing approval from investors for changes to the agreements governing that debt.

Investor participation has been strong so far. Beasley reported that, as of the early deadline for one portion of the offer, all its 11% senior secured first lien notes due in 2028 had been tendered. The company accepted $15.9 million in principal tied to those notes and completed the purchase on March 30.

Participation has also been high among holders of a second set of bonds. As of Wednesday, approximately 98% of the total principal amount of Beasley’s 9.2% senior secured second lien notes due in 2028 had been submitted in the exchange offer and included consent to proposed changes to the bond terms.

Those proposed changes relate to the legal agreements, known as indentures, that govern the bonds. Companies often seek such amendments during refinancing efforts to adjust terms such as covenants or payment structures.

Beasley said full details of the offers are outlined in a confidential exchange offer memorandum dated March 20, along with three subsequent supplements issued on April 1, April 9 and April 15. The company emphasized that the offers are being made only through those documents and urged bondholders to review them carefully.

The new notes referenced in the transaction, known as payment-in-kind, or PIK, notes, allow interest to be paid in additional debt rather than cash, a structure companies sometimes use to preserve liquidity.

Beasley also noted that none of the parties involved in the transaction — including the company, its affiliates, or its advisors — is recommending whether bondholders should participate.

The offers are limited to certain qualified investors and are not being made in jurisdictions where they would violate local securities laws. The new 2027 PIK notes have not been registered under U.S. securities laws and are being offered under exemptions that allow sales to institutional investors and certain non-U.S. buyers.