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New York Times Co. secures $250 million in financing

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New York—With a credit facility maturing in May, New York Times Co. announced Monday that it has entered into a private financing agreement with Banco Inbursa and Inmobiliaria Carso for an aggregate amount of $250 million in senior unsecured notes due in 2015.

“This agreement provides us with increased financial flexibility to continue to execute on our long-term strategy,” Janet L. Robinson, New York Times Co. president-CEO, said in a statement.

“We believe that with the strength of The New York Times brand, its national and international reach, its potential for digital expansion and, most of all, its world-class news and information, the company will continue to be a leader in the media industry,” Arturo Elias, director of Inmobiliaria Carso, said in a statement.

Standard & Poor’s Ratings Services said Tuesday that its rating and outlook on Times Co. (BB-/Negative/--) are not affected by the company’s agreement with Banco Inbursa and Inmobiliaria Carso.

—Sean Callahan

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