NYT obtains $250 million loan from private investor

The New York Times reports its parent company will obtain a $250 million loan from Mexican billionaire Carlos Slim Helu. Helu already owns 6.9 percent of the New York Times Company. Under the new agreement, the $250 million will come in the form of six-year notes with warrants that may be converted into common shares of the company's stock. 

Th loan carries a 14 percent interest rate. The Times Company announced the funds will be used to refinance existing debt. In the next few years, the struggling company faces approaching deadlines to pay back approximately $1.1 billion in debt to various creditors. 

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