...- U.S.-based Beasley Broadcast Group Inc. has announced a debt restructuring under which it proposes to extend the maturity of its senior secured notes to 2028 from 2026, offer to buy up to $68 million of its existing senior secured notes due 2026 at a material discount to par, and issue $30 million of new super-priority senior secured notes due 2028. - We view the proposed debt restructuring as distressed because the company's lenders will receive less than they were originally promised. In addition, Beasley's S&P Global Ratings-adjusted gross leverage is currently elevated at about 10x and we have little visibility into its ability to materially reduce its leverage ahead of its upcoming debt maturity. - Therefore, we lowered our issuer credit rating on Beasley to '##' from '###+' and our issue-level rating on its senior secured notes to '##' from '###+'. - The negative outlook reflects that, upon the completion of the transaction, we expect to lower our issuer credit rating on the company...
