The Tribune Co. confirmed today that it will use $500 million to reduce its debt in connection with the company’s going-private transaction.
The company, which owns the Hartford Courant, will use the $500 million to reduce borrowings under the original $2.1 million bridge loan commitment down to $1.6 million. The transaction is expected to close before the end of the company’s 2007 fiscal year. Tribune shareholders approved the proposed $34-a-share buyout led by real estate tycoon Sam Zell in August and the deal was cleared to proceed in November by federal communication regulators.
