Senior Notes due 2022 from a subsidiary, News America Incorporated, will offer buyers 3.00% interest — and result in gross proceeds to the company of $992.9M. News Corp says the cash will be used for “general corporate purposes.” Earlier today Moody’s Investors Service assigned the debt a Baa1 rating, which means it’s investment grade with just moderate risk. The debt sale “will add to the company’s robust cash balance of $9.6 billion” as of June 30, Moody’s says. “We anticipate that in the next 12-18 months, the company will reduce leverage … through strong EBITDA growth, and maintain significant financial flexibility.”
By DAVID LIEBERMAN, Executive Editor | Tuesday September 11, 2012 @ 5:18pm EDTTags: News Corp Finance
Get Deadline news and alerts FREE to your inbox...
This article was printed from http://www.deadline.com/2012/09/news-corp-debt-sale/
SUBSCRIBE TO DEADLINE NEWS
‘Friends’ Reunion – ‘Ellen’
News/Opinion PollLoading ...
By The Numbers
Box Office PollLoading ...