Daily News: November 20, 2017

U.S. Bank Agents New $240MM Facility for Beasley Broadcast


Beasley Broadcast entered into a new credit agreement for a $225 million term loan B and a $20 million revolving credit facility.

According to a related 8-K filing, proceeds from new credit facilities will primarily be used to repay old credit facilities.

The new credit facilities were secured by substantially all assets of the company, the borrower and their material subsidiaries.

The term loan facility matures on November 1, 2023 and will amortize in quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of the term loan facility. The first amortization payment is due at the end of the first full fiscal quarter after the closing date and the remaining balance of the original principal amount of the term loan facility outstanding at maturity will be paid in a final balloon payment. The revolving credit facility terminates on the fifth anniversary of the closing date and loans there under may be borrowed, repaid and reborrowed up to such date.

U.S. Bank served as administrative agent and, along with Guggenheim Securities, as joint lead arranger and joint bookrunner. Bank United, Capital One and Florida Community Bank were co-documentation agents.