NAPLES, FLA. —Beasley Broadcast Group wholly owned subsidiary Beasley Mezzanine Holdings has announced that it intends to offer $280 million in aggregate principal amount of senior secured notes, subject to market and other conditions.
It can do so to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Securities Act.
Beasley says the notes are expected to be fully and unconditionally guaranteed by the company and each of Beasley’s existing domestic majority owned subsidiaries and certain future material domestic majority owned subsidiaries on a senior secured first-priority basis, subject to certain exceptions, limitations and permitted liens.
It’s a new debt for old debt swap.
Beasley Mezzanine Holdings expects to use the net proceeds of this offering to repay in full existing indebtedness under the company’s senior secured credit facilities and certain other indebtedness, with remaining proceeds to be added to BMH’s balance sheet and used for general corporate purposes.
The Notes and related guarantees will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.