Monitor for any asset sales or debt financings before September 30, 2027 springing maturity. The equity conversion clause could result in massive dilution for current shareholders. Watch for FCC approval processes and any defaults under the ABL or PIK notes.
Price Chart
Executive Summary
Beasley Broadcast Group issued $98.5M in 10% senior secured second lien PIK notes due 2027 and entered a $35M ABL credit facility, both dated May 1, 2026. The massive debt relative to the $40M market cap, PIK interest, springing maturity condition, and requirement for a restructuring consultant signal severe financial distress.
Key Financial Metrics
Key Facts
- Issued up to $98,475,254 of 10.000% Senior Secured Second Lien PIK Notes due 2027.
- Notes have a springing maturity on September 30, 2027 if certain asset sale or financing conditions not met.
- ABL credit facility of up to $35M (initially $15M) with Siena Lending Group.
- Restructuring consultant (Riveron Consulting) retained.
- Equity conversion option: noteholders can convert to 80-95% of Class A and B common stock if certain conditions met.
- Company market cap is approximately $40M.
Financial Impact
Debt issuance of $98.5M vs market cap of $40M; high distress. Interest is 10% PIK, adding to principal.
Risk Factors
- Springing maturity could trigger default if refinancing or asset sales fail.
- PIK interest increases debt burden; no cash interest paid.
- Potential for massive equity dilution via conversion feature (up to 95% of common stock).
- FCC regulatory approvals required for control changes and equity conversion.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-201510 |
| Document: d64747dex102.htm | 0001193125-26-201510 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 24d ago | SC 13D/A | $10.37 $10.07 | ▼ −2.89% | ▼ −3.44% | $7.11 (−31.44%) |
Sep 30, 2026 26d ago | 8-K | $11.23 $11.08 | ▲ +1.34% | ▲ +2.08% | $7.11 (+36.69%) |
Sep 29, 2026 27d ago | 424B5 | $12.85 $11.23 | ▲ +12.61% | ▲ +12.79% | $7.11 (+44.67%) |
Sep 24, 2026 4w ago | 8-K | $15.29 $14.59 | ▼ −4.58% | ▼ −3.83% | $7.11 (−53.50%) |
Aug 12, 2026 10w ago | 8-K | $24.70 $22.59 | ▲ +8.54% | ▲ +8.34% | $7.11 (+71.21%) |
Aug 12, 2026 10w ago | Press Release | $24.70 $22.59 | ▲ +8.54% | ▲ +8.34% | $7.11 (+71.21%) |
Aug 11, 2026 10w ago | Press Release | $21.73 | awaiting T+1 | — | $7.11 (−67.28%) |
Aug 10, 2026 11w ago | 8-K | $21.87 $22.29 | ▼ −1.92% | ▼ −2.24% | $7.11 (+67.49%) |
Aug 9, 2026 11w ago | Press Release | $21.87 | awaiting T+1 | — | $7.11 (−67.49%) |
Aug 3, 2026 12w ago | Press Release | $26.04 $24.72 | ▼ −5.07% | ▼ −4.87% | $7.11 (−72.70%) |
US Market Status
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