Tribune Trims Loan For Going-Private Deal

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By: E&P Staff Tribune Co. said Thursday that it will use as much as $500 million in cash on hand to reduce the bridge loan it is taking out for its going-private transaction.

Tribune said that will reduce its original $2.1 billion bridge loan commitment to $1.6 billion.

The bridge loan is part of a two-step process to take the company private through a $8.2 billion leveraged buyout engineered by real estate magnate Sam Zell. Tribune will be owned by an employee stock ownership plan (ESOP) when the deal concludes.

Tribune reiterated Thursday that it expects the deal to conclude before the end of the year.

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