...CHICAGO (S&P Global Ratings) Aug. 16, 2018--S&P Global Ratings said today that its ratings and outlook on Beasley Broadcast Group Inc. (B+/Stable/--) are not affected by the company's $35 million delayed-draw add-on to its $245 million senior secured credit facility, which it will use to partially fund the $38 million acquisition of Philadelphia-based radio station WXTU-FM. The add-on will be fungible with the existing term loan B facility maturing in November 2023 and priced at L+400 with a 1% LIBOR floor. The unaffected ratings include our '##-' issue-level and '2' recovery ratings on the company's senior secured credit facilities. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 75%) of principal and interest in the event of a payment default. The WXTU-FM acquisition will improve the scale of Beasley's Philadelphia cluster, which we view as beneficial to the company's ability to generate broadcast radio advertising in that market....
