Beasley Media Group has entered into a Transaction Support Agreement with key debtholders to restructure its balance sheet, aiming to reduce debt and improve liquidity as financial pressures mount.
The agreement—disclosed late Friday in an SEC filing—has backing from holders representing 98.7% of the company’s first lien notes and 76.5% of its second lien notes due in 2028, paving the way for a broader refinancing plan.
Central to the deal is an exchange offer that would cut the company’s second lien debt in half. Beasley plans to swap existing notes for new 10% senior secured second lien PIK notes due December 31, 2027, at 50 cents on the dollar. The move effectively reduces principal, raises the interest rate slightly, and accelerates repayment by one year. However, about 23.5% of second lien noteholders have yet to agree.
The agreement also gives debtholders increased influence over governance. Beasley will appoint an independent director selected by noteholders to its board, and those investors will later have the right to propose additional board candidates and participate in forming a strategic alternatives committee.
Importantly, the deal requires approval from the newly appointed independent director for major actions, including any potential bankruptcy or insolvency proceedings.
The restructuring effort comes ahead of the company’s full-year 2025 earnings release and follows preliminary financial disclosures that highlight ongoing strain over the past two years.