Tribune signs credit accord

Tribune Co. signed a $300- million asset-backed commercial paper credit agreement with Barclays Bank, using $225 million to repay a term loan.

The deal allows Tribune, the newspaper publisher taken private in December by real estate billionaire Sam Zell, to borrow against receivables, the Chicago-based company said.

The loan gives Zell breathing room to find buyers for assets to reduce $13 billion in debt. Tribune is selling the Chicago Cubs baseball team and exploring options for the buildings housing its two biggest newspapers, the Los Angeles Times and Chicago Tribune.