The Times Co. says $250 million in notes due in 2015 will be repaid on Aug. 15. It previously planned to repay the notes after Jan. 15, 2012. The total payment will be about $279 million including interest.
New York Times to pay off some debt early
NEW YORK - July 13, 2011
Companies affiliated with Slim, a shareholder of The New York
Times Co., lent the media company the money at the height of the
recession. Because credit markets were tight, the Times company
agreed to a 14 percent interest rate. The Times company says the
prepayment will cost it $46 million in the third quarter, but will
save at least $39 million per year in interest over the next three
years.
