Debt-Laden Time Seeks Breathing Room for Turnaround
- Company looks to extend credit facility and loan, sell bonds
- ‘First step’ as old-line publisher seeks digital-age relevance
People walk inside the headquarters of Time Inc. in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Time Inc., publisher of the iconic magazine that first hit the stands in 1923, is looking to ease a billion-dollar debt load that’s hobbling efforts to get ready for its next century.
The company aims to extend the maturity of a revolving credit facility and a term loan, each by 3 1/2 years, New York-based Time said in a regulatory filing Friday. It’s also trying to cut the credit facility to $300 million from $500 million, according to the filing. Additionally, Time said it plans to sell up to $300 million in senior unsecured notes due in 2025 to repay $200 million of the term loan and other obligations. Time reported $1.2 billion in long-term outstanding debt as of June 30.