Case Summary: Times Publishing Company
Times Publishing Company
$18 million Term Loan
Times Publishing Company (“TPC” or the “Company”), headquartered in St. Peterburg, FL. publishes the Tampa Bay Times, the largest newspaper in Florida. Crystal has been a lender to the TPC since 2013 and provided a term loan which generated incremental liquidity needed to implement important operational initiatives.
With challenging industry trends within print media sector, TPC believed it was critical to consolodate the Tampa/St. Petersburg market. They pursued the acquisition of the number 2 paper in the market. The Tampa Tribune, and upon agreement of terms needed financing to support the acquisition.
Crystal's new term loan was a critical source of capital and allowed TPC to complete the acquisition in May 2016. The merged entity is now one of the Top 5 regional papers in the U.S.
“We are delighted to be partnering with Crystal Financial as our financing source. 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.”
—Jana Jones, CFO