Halifax Media gets $143 million financing from LBC, Crystal Financial

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Halifax Media Holdings LLC used a $74.2 million senior secured term loan, a senior revolving credit facility and a mezzanine term loan to help fund its $143 million purchase of the New York Times Co. Regional Media Group, which includes 16 newspapers and other related businesses.

Other financing included other real estate debt, certain real estate sale-leaseback transactions and cash equity provided by Stephens Capital Partners LLC and its equity partners.

LBC Credit Partners and Crystal Financial LLC provided the $74.2 million term loan, according to a news release from the lenders.

LBC and Crystal Financial are co-lead arrangers, and LBC is the administrative agent.

The financing is secured by a first lien on office space, printing facilities and intellectual property as well as a springing first lien on equipment and a second lien on the remaining assets.

Halifax Media is a Daytona Beach, Fla.-based investment group that includes Stephens Capital Partners (a family-owned private equity fund), Jaarsss Media and Redding Investments.

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