...- Radio broadcaster Beasley Broadcast Group Inc. issued $300 million of senior secured notes due 2026 and used the proceeds to repay its existing debt. The transaction eliminates the company's near-term covenant and maturity risks and will allow it to generate free operating cash flow (FOCF) to debt in the low- to mid-single-digit-percent range. - The transaction gives Beasley an extended runway to return leverage to below 5x from well over 6x currently. As a result, S&P Global Ratings is raising the issuer credit rating on the company to 'B-' from '###+'. - At the same time, we are assigning our 'B-' issue-level and '3' recovery ratings on the $300 million senior secured notes. - The stable outlook reflects our expectation that Beasley's leverage will remain elevated above 6x through 2021, despite our expectation that FOCF to debt will be in the mid-single-digit-percent area. It also reflects our expectation that revenue will increase in the 17%-18% range in 2021 as broadcast advertising...
