#shortened for clarity, but works with the full thing
$_ = '<*ra0*p(9,-9,0,9,0,0,g,"U.S. English")><Bz8>ATTN: Out of school youth';
s/(<Bz8>)([^ ]*)/$1$2<\$>/;
print;

##</code><code>##

<*ra0*p(9,-9,0,9,0,0,g,"U.S. English")><Bz8>ATTN:<$> Out of school youth