U.S. radio broadcaster Beasley Broadcast Group Inc. is seeking to issue new debt to refinance existing debt and fund its acquisition of Greater Media Group Inc., a U.S-based radio broadcaster, for $220 million. We are assigning our 'B+' corporate credit rating to Beasley and its subsidiary Beasley Mezzanine Holdings LLC. We are also assigning our 'B+' issue-level rating and '3' recovery rating to the company's proposed $20 million revolving credit facility due 2021 and $265 million term loan B due 2023. The stable rating outlook reflects our expectation that Beasley will maintain adequate liquidity over the next year, with adjusted leverage declining to the mid-4x area due to debt repayment. CHICAGO (S&P Global Ratings) Sept. 8, 2016--S&P Global Ratings said
