New Issue: Beasley Broadcast sells upsized $300 million 8 5/8% five-year secured notes at par

By Paul A. Harris

Portland, Ore., Jan. 21 – Beasley Broadcast Group, Inc. priced an upsized $300 million issue of five-year senior secured notes (B3/B-) at par to yield 8 5/8% on Thursday, according to market sources.

The issue size increased from $280 million.

The yield printed 12.5 basis points tighter than the 8¾% to 9% yield talk. Initial guidance was in the low 9% area.

The new Beasley Broadcast 8 5/8% secured notes played to around $1.5 billion of demand and traded sharply higher late Thursday afternoon, according to a bond trader, who spotted them at 103 bid, 103½ offered, shortly after the close.

Goldman Sachs & Co. LLC was the left bookrunner. BofA Securities Inc. was a joint bookrunner.

The notes were sold via issuer Beasley Mezzanine Holdings, LLC.

The Naples, Fla.-based radio broadcast company plans to use the proceeds, including the additional proceeds resulting from the $20 million upsizing of the deal, to pay off its term loan B, revolver, outlaws note and the Beasley note, with remaining proceeds going to the balance sheet and for general corporate purposes.

Issuer:	Beasley Mezzanine Holdings, LLC
Amount:	$300 million, increased from $280 million
Maturity:	Feb. 1, 2026
Securities:	Senior secured notes
Left bookrunner:	Goldman Sachs & Co. LLC
Joint bookrunner:	BofA Securities Inc.
Coupon:	8 5/8%
Price:	Par
Yield:	8 5/8%
Spread:	816 bps
First call:	Feb. 1, 2023 at 104.313
Trade date:	Jan. 21
Settlement date:	Feb. 2
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	8¾% to 9%
Marketing:	Roadshow

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