Crystal Financial LLC, an independent commercial finance company, announced the closing of a $28 senior term loan for Times Publishing Company. Headquartered in the Tampa Bay area, the company is one of the leading newspaper publishers in the United States. Its publications include the Tampa Bay Times, the largest paper in Florida and Florida Trend Magazine, among others.
Proceeds from the facility were used to refinance existing debt and to provide incremental liquidity for growth. The facility matures in December 2016.
"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".
“We are delighted to be partnering with Crystal Financial as our financing source”, CFO Jana Jones said. “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.”
The Times Publishing Company is a diversified media enterprise based in the Tampa Bay area. Its leading publications include the Tampa Bay Times and Florida Trendbusiness magazine, and its online properties include TampaBay.com and PolitiFact.com. The Tampa Bay Times is the recipient of numerous awards, including 9 Pulitzer Prizes, and is ranked among the Top 10 daily sports sections by the Associated Press Sports Editors.
Crystal Financial is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.