...January 19, 2021 - Radio broadcaster Beasley Broadcast Group Inc. is issuing $280 million of senior secured notes due 2026 and plans to use the proceeds to refinance its entire capital structure. - If the transaction is completed, it would eliminate the company's near-term covenant and maturity risks and, depending on the interest rate, could allow the company to generate free operating cash-flow (FOCF) to debt in the low- to mid-single digit percent range. This would give Beasley an extended runway to return leverage to below 5x from well over 6x currently. - We are placing the '###+' issuer credit rating on CreditWatch with positive implications. - At the same time, we are assigning a preliminary 'B-' issue-level rating and '3' recovery rating to the proposed $280 million senior secured notes. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. - We expect to resolve the CreditWatch placement...
