Tribune Publishing Seeks ABL in Company Spinoff
Tribune Company and Tribune Publishing announced that, in connection with the company’s previously announced intention to separate Tribune Publishing from Tribune Company, Tribune Publishing plans to raise $350 million of debt by entering into a senior secured term loan facility.
Tribune Publishing is also arranging a $140 million asset-based revolving credit facility. Tribune Company will not be a guarantor or otherwise provide credit support for the term loan facility or the revolving credit facility.
The company anticipates the separation of Tribune Publishing to occur within the third quarter of 2014. Tribune Publishing will use a portion of the expected net proceeds from the term loan financing to pay a special cash dividend to Tribune Company, upon separation, of up to $275 million, which will be used to repay debt at Tribune Company.
TRIBUNE is a multimedia company, operating businesses in broadcasting, publishing and interactive.
Previously on abfjournal: Reuters: Tribune Continues to Fight Creditor Attorneys, April 12, 2013