NAPLES, FLA. — Broadcast radio station owner Beasley Media Group has extended three key elements tied to an exchange offer and tender offer it previously announced. The move comes with 7% of the outstanding Existing Notes not yet submitted for tender or exchange — with the first set of deadlines and dates arriving yesterday.
Beasley, which operates under the “Beasley Broadcast Group” name and is publicly traded on the Nasdaq market, first shared details of an exchange offer, tender offer and offering of new notes earlier this month.
It is a “new debt for old debt” exchange, giving Beasley more time to repay its lenders but at a slightly higher interest rate.
With 93% of outstanding Existing Notes submitted for tender or exchange in the offers, Beasley now says that subsidiary “Beasley Mezzanine Holdings LLC” is extending the withdrawal deadline, expiry date and subscription form delivery date for the trio of offers until 5pm Eastern on Friday (10/4) — unless further extended. Concurrently, the Settlement Date has been extended to Tuesday, October 8, unless further extended.
The extension was granted at the request of “certain key holders” of the existing 8.625% Senior Secured Notes due 2026 “to amend their relative participation in the Tender Offer and the Exchange Offer,” Beasley explains, adding that the company led by CEO Caroline Beasley and founded by her late father, George Beasley, anticipates that after accommodating this request the total number of Existing Notes tendered or exchanged by the requesting Holders will remain unchanged.
Full details of the terms and conditions of the Offers are described in the Exchange Offer Memorandum, dated as of September 5, as amended on September 19 and as supplemented by the supplement dated September 30.
The Exchange Notes, the New Notes and the Exchange Shares have not been and will not be registered under the federal securities laws or the securities laws of any state or any other jurisdiction.
