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BBGI > SEC Filings for BBGI > Form 8-K on 4-Apr-2013All Recent SEC Filings

Show all filings for BEASLEY BROADCAST GROUP INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for BEASLEY BROADCAST GROUP INC


4-Apr-2013

Entry into a Material Definitive Agreement, Financial Statements and


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On April 3, 2013, Beasley Mezzanine Holdings, LLC (the "Borrower"), a wholly-owned subsidiary of Beasley Broadcast Group, Inc. (the "Company"), entered into an Amendment and Waiver to Credit Agreement (the "Amendment and Waiver to Credit Agreement"), dated as of August 9, 2012 by and among the Borrower, General Electric Capital Corporation, as administrative agent, and the lenders party thereto (the "Credit Agreement").

The Amendment and Waiver to Credit Agreement waives certain restrictions in the Credit Agreement to permit the prepayment of the $25.0 million second lien facility in full with $20.0 million of additional incremental term loan borrowings, $2.0 million of additional revolver borrowings from the first lien facility and $3.0 million of cash on hand. The Amendment and Waiver to Credit Agreement also modifies the interest rate margin on the term loans to an adjustable rate of 3.50% to 5.00% for LIBOR Loans and 2.5% to 4.0% for Base Rate Loans depending on the Borrower's consolidated total debt ratio.

The aggregate scheduled principal repayments of the amended credit facility for the remainder of 2013 and the next four years are as follows:

                                            Revolving
                             Term            credit
                             loan           facility           Total
                 2013    $   3,250,000     $        -      $   3,250,000
                 2014        6,875,000              -          6,875,000
                 2015        8,250,000              -          8,250,000
                 2016        9,625,000              -          9,625,000
                 2017       77,750,000       7,000,000        84,750,000

                 Total   $ 105,750,000     $ 7,000,000     $ 112,750,000

This description of the Amendment and Waiver to Credit Agreement does not purport to be complete and is subject in all respects to the full text of the Amendment and Waiver to Credit Agreement, filed with this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference. For additional information about the Credit Agreement, see Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 10, 2012.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit
Number                                    Description

10.1         Amendment and Waiver to Credit Agreement, dated as of August 9, 2012,
             by and among Beasley Mezzanine Holdings, LLC, General Electric Capital
             Corporation, as administrative agent, and the lenders party thereto.


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