Beasley Amends Credit Agreement
March 18, 2009 at 5:15 AM (PT)
BEASLEY BROADCAST GROUP subsidiary BEASLEY MEZZANINE HOLDINGS has entered into a sixth amendment to its credit agreement with BANK OF MONTREAL, CHICAGO BRANCH dated FEBRUARY 27th. 2004. The amendment decreases BEASLEY's revolving loan commitments to $65 million, a $37.1 million cut, increases the interest rate, and increases the maximum consolidated debt ratio until JUNE 30th, 2010.
In addition, the amendment prevents the company from buying back shares or pay cash dividends until BEASLEY's debt is reduced to less than five times consolidated operating cash flow, at which point it can buy back up to $10 million of its common stock and pay dividends of up to $5 million per year. The amendment was announced in a form 8-K filed with the SEC on TUESDAY (3/17).