We have the option to redeem all or a portion of the 6.625% Notes, at any time, at a price equal to 100% of the  principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date plus a “make-whole”  premium. The 6.625% Notes are not otherwise callable. The 6.625% Notes are subject to certain covenants that, among other things, limit (subject to customary exceptions)  our ability and the ability of our subsidiaries to: In January 2009, pursuant to a securities purchase agreement, we issued warrants to affiliates of Carlos Slim Helú,  the beneficial owner of approximately 8% of our Class A Common Stock (excluding the warrants), to purchase 15.9  million shares of our Class A Common Stock at a price of $6.3572 per share. On January 14, 2015, the warrant holders  exercised these warrants in full and the Company received cash proceeds of approximately $101.1 million from this  exercise. The Company currently intends to use the cash proceeds to repurchase Class A shares from time to time in open  market transactions as conditions permit. See Note 19 for additional information. In March 2009, we entered into an agreement to sell and simultaneously lease back a portion of our leasehold  condominium interest in our Company’s headquarters building located at 620 Eighth Avenue in New York City (the  “Condo Interest”). The sale price for the Condo Interest was $225.0 million. We have an option, exercisable in 2019, to  repurchase the Condo Interest for $250.0 million. The lease term is 15 years, and we have three renewal options that could  extend the term for an additional 20 years. The transaction is accounted for as a financing transaction. As such, we have continued to depreciate the Condo  Interest and account for the rental payments as interest expense. The difference between the purchase option price of  $250.0 million and the net sale proceeds of approximately $210.5 million, or approximately $39.0 million, is being  amortized over a 10-year period through interest expense. The effective interest rate on this transaction was  approximately 13%. In November 2012, we terminated our $125.0 million asset-backed five-year revolving credit facility and recorded a  pre-tax charge of $1.4 million in connection with the early termination, which is included in “Interest expense, net” in our  Consolidated Statements of Operations. In October 2014, we announced cost-saving efforts that have resulted in a number of workforce reductions and  layoffs across the Company. The workforce reductions are actions taken under our severance plan in connection with  our continued focus on operating efficiencies. In accordance with ASC 712, “Compensation - Nonretirement  Postemployment Benefits,” we accounted for this liability in the third quarter of 2014 when the liability was probable  and reasonably estimable. In December 2014, we adjusted the liability upward to reflect the actual payout, which will  occur in 2015. We recognized severance costs of $36.1 million in 2014, $12.4 million in 2013 and $12.3 million in 2012.  These costs are recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of  Operations. We had a severance liability of $34.6 million and $10.3 million included in “Accrued expenses and other” in our  Consolidated Balance Sheets as of December 28, 2014 and December 29, 2013, respectively. We anticipate most of the  •  incur additional indebtedness and issue preferred stock; •  pay dividends or make other equity distributions; •  agree to any restrictions on the ability of our restricted subsidiaries to make payments to us; •  create liens on certain assets to secure debt; •  make certain investments; •  merge or consolidate with other companies or transfer all or substantially all of our assets; and •  engage in sale-leaseback transactions. Warrants Sale-Leaseback Financing Revolving Credit Facility 7. Other Severance Costs THE NEW YORK TIMES COMPANY – P. 75