Spectral-compatible radar emission has a paramount importance in realizing the coexistence of radar with wireless communications. In this paper, we deal with the design of spectral-compatible transmit beampattern with minimum peak sidelobe level for a narrowband multiple-input multiple-output(MIMO) radar. We also consider constraints that are imposed due to the practical high power amplifier(HPA) used in modern radars. The constraints are used to control the dynamic range on the magnitude of each signal, to control variations in the transmit power from the individual antennas and the total energy of the signals. The considered problem is challenging as it is non-convex. To this end, we propose an iterative solution that incorporates the majoriztion-minimization(MM) and alternating direction method of multipliers(ADMM) frameworks. Our solution avoids the computationally expensive operations such as matrix inverse and eigenvalue decomposition. We provide numerical results to validate the proposed solution. The results show that the method provides the intended spectral-compatible beampattern while maintaining a beampattern synthesize performance that is comparable to the state-of-the-art work.