Saturday 10 December 2016

'NY Times' bond offer to meet debt

Sapna Maheshwari

Published 02/11/2010 | 05:00

Times Co is offering debt for the first time since borrowing $250m from companies controlled by Slim in January 2009. Photo: Bloomberg News
Times Co is offering debt for the first time since borrowing $250m from companies controlled by Slim in January 2009. Photo: Bloomberg News

'THE New York Times' plans to sell $200m (€163m) of six-year bonds to refinance debt as the publisher of the newspaper seeks to repay a loan from Mexican billionaire Carlos Slim three years ahead of schedule.

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The senior note offering is part of a "refinancing strategy," the New York-based company said yesterday in a statement. The notes will be priced as soon as today.

Times Co is offering debt for the first time since borrowing $250m from companies controlled by Slim in January 2009. As part of the financing, the billionaire's Banco Inbursa SA and Inmobiliaria Carso SA received six-year notes with a coupon of 14pc and detachable warrants, Times Co said in a regulatory filing. Chief Financial Officer James Follo said that "given the terms," the company plans to repay or refinance the debt "at the earliest feasible date" after they can be called on January 15, 2012.

"The Slim notes were issued while the credit markets had collapsed and revenue trends at the Times were under significant pressure," said Mike Simonton, a debt analyst with Fitch Ratings in Chicago."

Irish Independent

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