Foxtel has restructured its debt and managed to knock off more than $US170 million from its total borrowing position as it prepares a monster bid to retain broadcast rights to the AFL.
Foxtel has restructured its debt and managed to knock off more than $US170 million from its total borrowing position by using existing banking facilities as it prepares a monster bid to retain broadcast rights to the AFL.
It sliced borrowings in a 2019 facility from $US232 million to $US68 million in the 12 months to June 30. The 2017 working capital facility had no debt drawn down as of June 30. It has fully drawn down its 2019 term loan facility at $US171 million.The numbers were revealed as part of financial statements filed by News Corp last week, in addition to its full-year results a week earlier.
After June 30, the pay-TV giant also used existing banking facilities to pay its July $306 million of US private placement maturities, shifting the debt into lower-interest borrowings. “This provides optionality to continue to invest in the growth of the business or return surplus cash flows to debt providers and our shareholders,” he said.According to NXE Australia accounts – the private Australian parent company housing Foxtel – at the end of June 2021, the group had $555 million in term debt, down $235 million from 2020, and $569.6 million in US private placements, down $46.5 million from a year earlier.
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