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Article: What terms of sale mean for Phila. papers: Tierney said his firm wanted to raise more equity so it could invest for the future.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- June 6, 2006
CopyrightCOPYRIGHT 2006 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joseph N. DiStefano
Jun. 6--The bid was good enough for the seller, and that's what really matters, for now. Still, the long-term future of Philadelphia Newspapers Inc. is tied to the financial terms that made possible the company's planned $515 million purchase by Philadelphia Media Holdings L.L.C.
In a filing with the Securities and Exchange Commission, seller the McClatchy Co. revealed that the bid includes a pledge by Royal Bank of Scotland to lend up to $450 million to Philadelphia Media, though the buyers say they will not need that much. Other key details, including the interest rates and terms of the loans, are being withheld ...