Related Professionals
Company Overview
Reading Eagle Company is a media company located in Reading, PA, that has four main business units: newspaper publishing, internet services, commercial printing and a radio station. The Company is in its fifth generation of family ownership and is the publisher of the leading daily newspaper in Berks County, PA.
Situation
Reading Eagle needed to expand its facilities and purchase a new state-of-the-art printing press that would allow the Company to (i) significantly reduce its costs, especially newsprint; (ii) increase printing revenue opportunities; and (iii) provide the ability to print different types of advertisements and brochures.
Solution
Griffin was engaged by Reading Eagle to raise the capital necessary to finance the project described above. Through its knowledge of the tax-exempt financing products and New Market Tax Credit incentives, Griffin was able to structure a transaction at extremely low interest rates and with extended amortization to reduce the Company’s debt service requirements. Griffin successfully raised the senior debt necessary for the project at very favorable rates and terms.
For more information on this transaction, please contact Thomas G. Whalen, Vice President, at 610.205.6115.
