S&P Downgrades Beasley on Debt Restructuring Plan

Radio station operator Beasley Broadcast Group's debt restructuring plan will mean lenders end up with less than originally promised, S&P said Tuesday as it lowered its issuer credit rating on Beasley to CC from CCC+. It said that when restructuring is done, it expects to lower its issuer credit rating on the company to selective default. Under the debt restructuring plan announced last week, Beasley will exchange notes due in 2026 for notes due in August 2028, repurchase up to $68 million of its 2026 notes and issue $30 million in notes due in 2028. S&P said the new debt's higher interest rates don't appear to be adequate compensation to the company's lenders.