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BRIEF-Time says co is seeking amendment to credit agreement to extend maturity of revolving credit facility‍​
September 22, 2017 / 11:07 AM / in 25 days

BRIEF-Time says co is seeking amendment to credit agreement to extend maturity of revolving credit facility‍​

Sept 22 (Reuters) - Time Inc

* Time - is seeking amendment to credit agreement in order to extend maturity of revolving credit facility from April 2019 to Oct 2022 ‍​

* Time - in connection with amendment to credit agreement, intends to commence offering of up to $300.0 million in senior unsecured notes due 2025 - SEC filing

* Time Inc says re-affirming 2017 adjusted OIBDA outlook of at least $400 million with a plan to be flat year-over-year‍​

* Time Inc - ‍expects its cost savings and efficiency initiatives will offset advertising softness in Q3 - SEC filing​

* Time Inc - ‍ seeking an amendment to its credit agreement in order to extend maturity of its outstanding term “B” loan from April 2021 to October 2024​

* Time - ‍during Q3, experienced “softness” in both print & other advertising revenues and digital advertising revenues relative to expectations

* Time Inc - expects cost savings and efficiency initiatives will offset the advertising softness in the third quarter‍​

* Time-‍in July, received subpoena from enforcement division of sec requiring it to provide documents relating to certain goodwill and asset impairments

* Time Inc - ‍has identified, and is pursuing, divestiture opportunities with respect to several assets​

* Time Inc - intends to use net proceeds of offering, together with existing cash on hand to repay $200.0 million of term loan

* Time Inc - July’s subpoena from SEC also requires co to provide documents relating to some restructuring and severance costs

* Time Inc - ‍assets identified for potential divestiture at this time are Time Inc UK, time customer service - SEC filing

* Time Inc - ‍may announce a transaction as early as Q4 of 2017​ related to asset sale

* Time Inc - ‍assets identified for potential divestiture also include majority stake in Essence; and Sunset, Coastal Living and Golf brands​

* Time Inc - estimates assets identified for divestiture represent about $488 million, or 17%, of total revenue for 12-month ended June 30, 2017‍​

* Time Inc - ‍has not entered into any definitive agreements for assets identified for potential divestiture Source text for Eikon: [ID:bit.ly/2wLjnB6] Further company coverage:

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