Case Summary: New York Times Regional Media Group

New York Times Regional Media Group

$37.1 million Senior Secured Term Loan


The New York Times Regional Media Group (NYT-RMG) operated as a division of the New York Times Company (NYSE: NYT) and consisted of 14 daily regional newspapers and other publications.  NYT-RMG focused on mid-size communities, predominantly in the southeastern U.S., in such markets as Tuscaloosa, AL, Sarasota, FL, Wilmington, NC and Spartanburg, SC.


This transaction presented underwriting challenges given recent trends in the print newspaper industry as well as the fact that this division did not have stand alone audited financial statements.  In addition, the business will experience a transition post close due to the integration into the existing operations of Halifax Media. 


In order to provide financing to fund the acquisition, Crystal co-underwrote a $74.2 million first lien term loan secured by the Company’s real estate properties (consisting of office space and printing facilities) as well as the intellectual property and a second lien on the firm’s remaining assets.  The capital structure also included a revolver and a term loan (secured by current assets and machinery equipment), sale-leaseback transactions, first mortgages on certain properties, as well as mezzanine facility.