RealNews

New York Times gets loan from Mexican billionaire

Times Co. said Monday that it had reached an agreement for $250 million in financing from companies controlled by billionaire Carlos Slim Helu to help the newspaper publisher meet debt payments as credit markets dry up and the newspaper industry confronts plummeting ad revenue. Banco Inbursa and Inmobiliaria Carso will issue senior unsecured notes due in 2015 with detachable warrants, New York Times said. The publisher plans to use the funds to refinance existing debt, including $400 million borrowed under a revolving credit facility that matures in May. Full Story

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