Encina Business Credit, LLC (EBC) announced that it has provided a $20 million senior secured credit facility to Times Publishing Company and its subsidiaries. The financing, which is comprised of a revolving line of credit and two term loans, will be used to refinance the company’s existing senior credit facility and to provide working capital for growth.
Based in St. Petersburg (FL), Times Publishing Company owns and publishes the Tampa Bay Times, a daily newspaper serving the Tampa Bay area, and various other local media assets. The loan is secured by certain of the company’s assets — except the printing plant — plus the real estate at the Poynter Institute, which owns the Times, according to a note published in the paper last week.
According to Paul Tash, Chairman and CEO of Times Publishing Company, “We’ve been impressed by the way Encina has worked to understand our business and develop a financing package that best suits our needs. They recognize the tremendous gains we have made and are helping us carry our plans forward.”
“The Times has a long history of running a world class newspaper,” said Bill Kearney, senior managing director of Encina Business Credit, in the Times. “This is a good example of the type of financing Encina was established to provide, and we look forward to helping the management team execute their business plan.”
The credit facility is part of a larger refinancing package that includes $12 million in loans from local investors led by Directed Capital, a real estate investment firm based in St. Petersburg.