Categories: OLD Media Moves

Forbes looking to refinance $50 million loan

Keith Kelly of the New York Post writes that Forbes is looking to refinance a $50 million loan that is due to be paid off this summer.

Kelly writes, “None of the half-dozen banks that handled the restructuring want to be involved again, sources said.

“The current refinancing is said to be shepherded by the PrinceRidge Group, a midsize New York investment bank.

“In a 2006 deal, Elevation Partners, headed by U2 frontman Bono and Silicon Valley investor Roger McNamee, took a 45 percent stake in the company — and clearly the investment has not panned out the way investors had hoped.

“Elevation paid $237.2 million in cash in August 2006, according to a report in rival Fortune last year.

“A PrinceRidge spokesman declined to comment on the latest talks.

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.