Time Inc. pays $15 million on term loan during second quarter

By Sarah Lizee

Olympia, Wash., Aug. 8 – Time Inc. paid down $15 million on the term loan under its credit agreement during the second quarter, according to a 10-Q filing with the Securities and Exchange Commission.

As of June 30, the company had $664 million of borrowings outstanding on its term loan, which matures in April 2021.

Time also said that $60 million remains unused under the authorization for the repurchase of additional senior notes. Of the up to $300 million of stock repurchases authorized, $123 million remained unused.

The company expects to continue financing repurchases under its 2015 share repurchase authorization and fund debt repayments and repurchases from working capital and cash balances.

Time is a New York-based media company.

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