Times Publishing Co., which includes the Tampa Bay Times, has secured a $28 million loan from Crystal Financial, a Boston-based independent commercial finance company.
Times Publishing is using the loan to refinance existing debt and to help the company grow.
"We are delighted to be partnering with Crystal Financial as our financing source," said Times chief financial officer Jana Jones. "They were very responsive, understood our unique needs and were flexible in their approach. The capital they have provided will be instrumental for the future growth and development of our business."
LCG Capital based in Tampa served as the adviser to the Times on the transaction. The loan matures in 2016. Other terms were not disclosed.
"We view the Tampa Bay Times as the dominant newspaper serving the metro Tampa/St. Petersburg market as evidenced by the largest circulation of readers in the state of Florida as well as the Southeast," commented Andrew Hettinger, Managing Director of Crystal Financial. "Throughout the process, we were highly impressed by the paper's strong management team, operational strategy, market reputation, and commitment to the community. We are thrilled to be a part of this transaction."