Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa, Inversora Carso, S.A. de C.V. and Control Empresarial de Capitales, S.A. de C.V. Announce Mandatory Exchangeable Trust Securities Offering

NEW YORK, Dec. 6, 2017 /PRNewswire/ — Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa (“Inbursa”), Inversora Carso, S.A. de C.V. (“Inversora”) and Control Empresarial de Capitales, S.A. de C.V. (“Control Empresarial” and, collectively with Inbursa and Inversora, the “Shareholders”) today announced an intention of the  2017 Mandatory Exchangeable Trust (the “Trust”), a newly formed trust, to offer, subject  to market conditions and other factors, $250 million aggregate purchase price of its mandatory exchangeable trust securities (“Trust Securities”) that will be exchanged for part of their respective stake of Class A Common Stock shares of the New York Times Company (“Shares”) at maturity or prior to maturity upon the occurrence of certain events in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Trust expects to grant the initial purchasers of the Trust Securities an option to purchase up to an additional $37.5 million aggregate purchase price of its Trust Securities. The Trust is expected to enter into a variable forward purchase agreement with each of the Shareholders. At the closing of the offering of the Trust Securities, the Trust  will pay to the Shareholders the proceeds received from the issuance of the Trust Securities, a portion of which will be used to fund amounts in respect of the Trust’s expenses and amounts used to purchase U.S. Treasury securities, which will fund quarterly distributions on the Trust Securities. Shortly after the exchange date, which is expected to be the first scheduled trading day after December 1, 2020, the Trust will exchange each Trust Security for a certain number of Shares.