New York Times to repay $250 million Carlos Slim loan early
The New York Times Co.
The New York Times Co. will repay a $250 million loan from Mexican businessman Carlos Slim Helú in August, about three and a half years early. The Times had been paying about 14 percent interest on the loan, which it took out in early 2009, a period during which some speculated that the company was in such dire straits that it could go out of business.
Times Co. CEO Janet Robinson said in a statement that the company has gotten on much firmer footing in the last two years. "Inmobiliaria Carso and Banco Inbursa [Slim's companies] instinctively understood the strength of the Times Company and provided financing during a volatile time in the U.S. economy and in our industry," she said.
The Times will repay about $279 million, including accrued and unpaid interest. Slim's companies continue to hold about 7 percent ownership in Times Co., one of the largest shares after the Sulzberger family.