Beasley Broadcast marketing $280 million five-year secured notes; guidance low 9% area

By Paul A. Harris

Portland, Ore., Jan. 19 – Beasley Broadcast Group, Inc. began a virtual roadshow on Tuesday for a $280 million offering of five-year senior secured notes (B3), according to market sources.

Initial guidance has the notes coming to yield in the low 9% area, a trader said.

The roadshow wraps up on Thursday, and the Rule 144A and Regulation S for life deal is set to price the same day.

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

The notes become callable after two years at par plus 50% of the coupon.

The Naples, Fla.-based radio broadcast company plans to use the proceeds 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.

The issuing entity will be Beasley Mezzanine Holdings, LLC.

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