By Miriam Gottfried
The New York Times Co. (NYT) said today it plans to issue debt in order to raise $200 million, which could help it pay back a loan from the Mexican billionaire Carlos Slim.
?The company intends to use the net proceeds for general corporate purposes including, among other things, to pay down debt and other financial obligations as part of the company?s refinancing strategy,? Times Co said in a statement.
Times Co. borrowed $250 million from Slim, a telecom magnate, in January 2009, at 14% interest and is trying to refinance at a lower rate.
Times Co. Chief Executive Janet Robinson said previously that the company wants to pay back the loan from Slim by January 2010, three years before the deadline.
New York Times shares are down less than 1% to $7.61.
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