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NY Times To Pre-Pay $279M Debt

New York Times Company is planning to repay about a $279 million loan before the maturity date.

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.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from AFP.

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