Tribune Publishing targets Aug 4 for spinoff

Tribune Publishing has set Aug 4 as the target date for spinning off from Tribune, according to sources familiar with the situation.

The spinoff date was included in a presentation for lenders conducted by Tribune Publishing June 17 in New York, according to sources.

Tribune Publishing is seeking to raise $350 million in conjunction with its planned spinoff from Tribune Co. In an amendment filed with the Securities and Exchange Commission, Tribune Publishing said it will carry $350 million of debt as a stand-alone company, $25 million higher than previously stated. That figure includes a $275 million cash dividend payable to Tribune Co.

The spinoff date will be included in an upcoming amendment. While the Aug. 4 target date may change, the spinoff is unlikely to occur before then, according to sources.