Tribune Co. announced Thursday that it will use up to $500 million in cash to reduce the bridge loan planned in use for the going-private transaction.

The company said it will reduce the original $2.1 billion bridge loan to $1.6 billion.

The loan is part of the process for the company to go private through a $8.2 billion leveraged buyout by Sam Zell. According to Editor & Publisher, Tribune will be owned by an employee stock ownership plan (ESOP) when the deal closes.

Tribune reiterated that the deal is expected to conclude before the end of the year.