S&P upgrades Beasley Broadcast after $300M debt offering

S&P Global Ratings on Feb. 9 raised its credit issuer rating on Beasley Broadcast Group Inc. to B- from CCC+.

The ratings action comes after the radio broadcaster issued $300 million of 8.625% senior secured notes due 2026, the proceeds of which were used to repay debt. S&P Global Ratings also assigned an issue-level rating of B- to the notes.

The outlook on the company is stable, reflecting expectations that Beasley Broadcast's revenue will increase as broadcast advertising continues to recover from the coronavirus-induced recession.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.