New York Times Company is planning to repay about a $279 million loan before the maturity date, The Wall Street Journal reports. The company had borrowed $250 million from Inmobiliaria Carso and Banco Inbursa at a 14% interest rate due in 2015.
The company will record a $46 million third quarter loss due to the prepayment, but it will save more than $39 million a year on interest. Carlos Slim owns the Mexican financial services company Grupo Financiero Inbursa, which in turn owns Banco Inbursa and Inmobiliaria Carso.
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