Beasley to pay down some bank borrowings with asset sale proceeds

By Sara Rosenberg

New York, June 1 - Beasley Broadcast Group Inc. plans to repay a portion of its credit facility debt using proceeds from the sale of certain assets, according to an 8-K filed with the Securities and Exchange Commission on Monday.

The company entered into an agreement to sell to Silver State Broadcasting LLC substantially all of the assets used in the operation of radio station KBET-AM and certain assets used in the operation of radio stations KCYE-FM and KFRH-FM in Las Vegas for about $15.3 million.

The proposed disposition is expected to close in the third quarter.

Beasley Broadcast is a Naples, Fla.-based radio broadcasting company.

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