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NEW YORK — New York Times Co., facing a $400 million debt repayment in May, may borrow as much as $225 million against its Manhattan headquarters.

The third-largest U.S. newspaper publisher hired commercial real- estate firm Cushman & Wakefield Inc. to help obtain financing through a mortgage or a sale-leaseback agreement, spokeswoman Catherine Mathis confirmed Monday in an e-mail. Bloomberg News

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