The distressed exchange is a strong negative signal for equity holders—substantial debtholder haircut and increased interest burden. Monitor for potential covenant breaches, further liability management exercises, or eventual bankruptcy risk. The stock's small $40M market cap offers no cushion against the remaining ~$200M debt load.
Price Chart
Executive Summary
Beasley Broadcast Group completed a distressed debt exchange, swapping 99.53% of its $184M 9.200% Senior Secured Second Lien Notes due 2028 for new 10% PIK Notes due 2027 at a 50% haircut on principal ($500 per $1,000). It also purchased $15.9M of its First Lien Notes at par. The restructuring reduces absolute debt but at a punitive cost, signaling severe financial strain and effectively a defaults-lite for second lien holders.
Key Facts
- 99.53% ($184,056,000) of Existing Second Lien Notes tendered and accepted in Exchange Offer at 50% of principal.
- 100% ($30,899,000) of Existing First Lien Notes tendered; $15.9M purchased at par, $15.0M remain outstanding.
- New 10.000% Senior Secured Second Lien PIK Notes due 2027 issued in exchange for 9.200% notes due 2028.
- Minimum participation condition for Exchange Offer waived by Supporting Holder on April 28, 2026.
- Offers expected to settle around April 30, 2026.
Financial Impact
Second Lien principal reduced by ~$92M but replaced with higher-coupon PIK notes; First Lien principal reduced by $15.9M. Net debt reduction ~$108M, but PIK interest accrues at 10% and equity is deeply subordinated.
Risk Factors
- Further distress: remaining First Lien notes ($15M) and new PIK notes still risky.
- Dilution: PIK notes may convert or accrete, pressuring equity.
- Going concern risk if operations cannot support debt service.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-189109 |
| Document: d112365dex991.htm | 0001193125-26-189109 |
| Document: 0001193125-26-189109-index-headers.html | 0001193125-26-189109 |
| Document: 0001193125-26-189109-index.html | 0001193125-26-189109 |
| Document: 0001193125-26-189109.txt | 0001193125-26-189109 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 25d ago | SC 13D/A | $10.37 $10.07 | ▼ −2.89% | ▼ −3.44% | $6.85 (−33.94%) |
Sep 30, 2026 27d ago | 8-K | $11.23 $11.08 | ▲ +1.34% | ▲ +2.08% | $6.85 (+39.00%) |
Sep 29, 2026 28d ago | 424B5 | $12.85 $11.23 | ▲ +12.61% | ▲ +12.79% | $6.85 (+46.69%) |
Sep 24, 2026 4w ago | 8-K | $15.29 $14.59 | ▼ −4.58% | ▼ −3.83% | $6.85 (−55.20%) |
Aug 12, 2026 10w ago | 8-K | $24.70 $22.59 | ▲ +8.54% | ▲ +8.34% | $6.85 (+72.27%) |
Aug 12, 2026 10w ago | Press Release | $24.70 $22.59 | ▲ +8.54% | ▲ +8.34% | $6.85 (+72.27%) |
Aug 11, 2026 11w ago | Press Release | $21.73 | awaiting T+1 | — | $6.85 (−68.48%) |
Aug 10, 2026 11w ago | 8-K | $21.87 $22.29 | ▼ −1.92% | ▼ −2.24% | $6.85 (+68.68%) |
Aug 9, 2026 11w ago | Press Release | $21.87 | awaiting T+1 | — | $6.85 (−68.68%) |
Aug 3, 2026 12w ago | Press Release | $26.04 $24.72 | ▼ −5.07% | ▼ −4.87% | $6.85 (−73.69%) |
US Market Status
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