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With The US. Prime Rate At 0.25% and Newspapers Getting Loans at 14-16% You Figure Lenders Are Pricing In Big Risk?
Philip M. Stone May 26, 2009 Follow on Twitter
Eyebrows were raised a few months back when the New York Times did a deal with Mexican entrepreneur Carlos Slim that basically loaned $250 million at around 14%, and now McClatchy, that owes some $2 billion, has put forward a deal to stay out of the claws of bankruptcy by exchanging around half of that debt which falls due in the next couple of years at some 5 – 7% interest for much reduced debt at about 15.75% but also with the advantage of buying a few extra years to pay it off.
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