Beasley Mezzanine Holdings entered into a new credit agreement with a group of lenders led by U.S. Bank as administrative agent. Proceeds from the new credit facility were primarily used to repay the old credit facility.

The credit facility consists of a term loan of $91 million and a revolving credit facility with a maximum commitment of $20 million. The revolving credit facility includes a $5 million sub-limit for letters of credit.

At the borrower’s option, the credit facility may bear interest at either the LIBOR rate, as defined in the credit agreement, plus a margin ranging from 2.5% to 4.5% that is determined by the borrower’s consolidated total debt ratio, as defined in the credit agreement or the base rate, plus a margin ranging from 1.5% to 3.5% that is determined by the borrower’s consolidated total debt ratio.