The Chicago Tribune.
The increased debt load was included in an amendment filed late Thursday with the Securities and Exchange Commission, likely the final update before setting a spinoff date for the publicly-traded publishing company. Tribune Co. also detailed the latest financial performance and digital progress of its newspapers in the filing.
Tribune Co. is expected to spin off the Chicago Tribune, Los Angeles Times and six other daily newspapers, by midyear. The Chicago-based media company will retain the higher-growth broadcasting and entertainment assets, as well as real estate holdings and valuable equity investments.
Under the revised capital structure, Tribune Publishing will carry $350 million in debt when it spins off, with the bulk of that to cover a $275 million dividend payable to the parent company. In addition to the $350 million senior term, Tribune Publishing is seeking a revolving credit facility of $140 million, and approximately $50 million in letters of credit, according to Thursday’s SEC filing.
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