Monday, January 19, 2009

Breaking News: NYT Bailed Out (For Now); It's Official

Just out: The New York Times Company Enters into Agreement with Banco Inbursa and Inmobiliaria Carso for $250 Million in Senior Unsecured Notes.

Holy Jeebus: 14.053% interest!!! And of course Goldman Sachs.

NEW YORK--(BUSINESS WIRE)--Jan. 19, 2009--The New York Times Company today announced that it had entered into a private financing agreement with Banco Inbursa, S. A., Institucion de Banca Multiple, Grupo Financiero Inbursa ("Banco Inbursa") and Inmobiliaria Carso for an aggregate amount of $250 million ($125 million each) in senior unsecured notes due 2015 with detachable warrants. The notes will rank equally and ratably on a senior unsecured basis with all senior unsecured obligations of The New York Times Company.

"This agreement provides us with increased financial flexibility to continue to execute on our long-term strategy," said Janet L. Robinson, president and CEO. "The proceeds from this transaction will be used to refinance existing debt, including amounts currently borrowed under a revolving credit facility that matures in May 2009. We continue to explore ocá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r financing initiatives and are focused on reducing our total debt through cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 cash we generate from our businesses and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 decisive steps we have taken to reduce costs, lower capital spending, decrease our dividend and rebalance our portfolio of assets."

"We are very pleased to expand our strong relationship with The New York Times Company," said Arturo Elias, director of Inmobiliaria Carso. "We believe that with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 strength of The New York Times brand, its national and international reach, its potential for digital expansion and most of all, its world-class news and information, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Company will continue to be a leader in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 media industry."

The notes have a coupon of 14.053 percent, of which cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Company may elect to pay 3 percent in kind. The notes are callable beginning three years from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 issue date at 105 percent of par, with subsequent call prices declining ratably to par.

Banco Inbursa and Inmobiliaria Carso also received detachable warrants for an aggregate amount of 15.9 million Class A shares (50 percent each), at a strike price of $6.3572. The warrants expire in January 2015.

Mr. Carlos Slim Helu and members of his family are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 main shareholders of Grupo Financiero Inbursa, S.A B. de C.V., which is cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 parent company of Banco Inbursa, and are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 owners of Inmobiliaria Carso, which currently holds 6.9 percent of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Times Company's Class A shares.

SunTrust Robinson Humphrey, Inc. was cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 sole placement agent for this transaction, and Goldman Sachs advised cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Company.

Hear that Scott Galloway, THERE CAN BE ONLY ONE!!!!! No clue where cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 hell NYT CDS trades on this news.
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