08:38 AM EDT, 09/06/2024 (MT Newswires) -- Beasley Broadcast Group ( BBGI ) said Friday that it has launched an exchange offer for holders of its 8.625% senior secured notes maturing in 2026.

Investors can exchange these notes for newly issued 9.200% senior secured notes maturing in 2028 at a 95% exchange ratio, plus class A common stock and a consent fee of $5, in each case per $1,000 principal amount of existing notes tendered, the company said.

The exchange offer is backed by a holder of 73% of the existing notes, the company said.

A simultaneous tender offer targets up to $68 million in notes at a purchase price of 62.5%, or $625 per $1,000 of principal amount, the company said.

The offers are set to be completed Oct. 4, the company said.