Radio station owner Beasley Media Group has chosen to initiate a 30-day grace period for interest payments totaling approximately $10.2 million that it originally needed to repay by Sunday, February 1.
It’s the latest development in the company’s ongoing efforts to manage its debt following a 2024 refinancing.
Specifically, Beasley’s Mezzanine Holdings subsidiary is delaying payments under two note agreements: the company led by CEO Caroline Beasley owes approximately $8.5 million under its 9.200% senior secured second lien notes due 2028; and approximately $1.7 million under its 11.000% senior secured first lien notes due August 1, 2028.
In an SEC filing, the publicly traded company founded 65 years ago by George Beasley and today has holdings formerly owned by Greater Media as its biggest revenue generators, stated it “is actively engaged in discussions with various stakeholders with respect to a number of potential alternatives regarding a restructuring of the Company’s outstanding indebtedness and strengthening its overall financial flexibility.”
Beasley provided no assurances regarding timing or outcome of the restructuring process, but noted the decision does not impact business operations or obligations to advertisers, employees, suppliers or other stakeholders.
The grace period follows months of amendments and extensions related to the “digital-first” broadcaster’s debt obligations. Beasley now has until early March to either make the $10.2 million payment, reach a restructuring deal with creditors, or face a potential default.
In November 2025, Beasley secured its second supplemental indenture with Wilmington Trust, N.A., modifying terms on the 9.200% notes due 2028. That agreement, approved by a majority of noteholders, pushed back a key compliance date from November 14, 2025, to January 31, 2026, and lowered certain transaction thresholds from $5 million to $2 million.
That springing maturity date had already been pushed back from November 3 to November 14. Although the company successfully completed a debt exchange in October 2024, that clause allowed the 2028 bonds to come due early if any of Beasley’s older 8.625% senior secured notes due 2026 remained outstanding, as they do now.
The deal also raised the limit on accounts receivable that can be sold or transferred from $14.5 million to $46.5 million, increased permitted investments to $46.5 million and permitted liens to $32 million, and added an exception for proceeds from Beasley’s June 2025 sale of WPBB-FM in Tampa (now WKVZ) to Educational Media Foundation, allowing those funds to go toward tax payments, accounts payable, or other uses approved by noteholders holding more than half of the outstanding debt.
With Beasley’s Q4 2025 earnings call date forthcoming, the company is coming off of a third quarter in which it reported revenue of $51 million, down 11% on a same-station basis and 7.5% ex-political.
Fourth-quarter revenue was projected down approximately 20% year over year, with full-year 2025 expenses expected to decline between $25 million and $30 million.
— Additional reporting by Adam R Jacobson, in Boca Raton, Fla.
