Borrowings (Tables)

9 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Borrowings

The Company’s total borrowings consist of the following:

	Interest rate at March 31, 2019			Due date at March 31, 2019		As of March 31, 2019			As of June 30, 2018
						(in millions)
Foxtel Group
Credit facility 2013(a)(b)		3.55	%		Apr 7, 2019	$	—		$	222
Credit facility 2014 — tranche 1(a)		3.55	%		May 30, 2019		142			148
Credit facility 2014 — tranche 2(a)		3.65	%		Jan 31, 2020		142			148
Credit facility 2015(a)		3.70	%		Jul 31, 2020		284			296
Credit facility 2016(a)(c)		4.25	%		Sept 11, 2021		53			108
Working capital facility 2017(a)(c)		3.85	%		Jul 3, 2020		57			59
US private placement 2009 — tranche 3		6.20	%		Sept 24, 2019		74			75
US private placement 2012 — USD portion — tranche 1(d)		3.68	%		Jul 25, 2019		150			150
US private placement 2012 — USD portion — tranche 2(d)		4.27	%		Jul 25, 2022		198			196
US private placement 2012 — USD portion — tranche 3(d)		4.42	%		Jul 25, 2024		148			146
US private placement 2012 — AUD portion		7.04	%		Jul 25, 2022		78			83
REA Group
Credit facility 2016 — tranche 2(e)(f)		—			Dec 31, 2018		—			89
Credit facility 2016 — tranche 3(e)(f)		3.01	%		Dec 31, 2019		170			178
Credit facility 2018(e)		2.71	%		Apr 27, 2021		50			54
Total borrowings							1,546			1,952
Less: current portion(g)							(678	)		(462	)
Long-term borrowings						$	868		$	1,490

(a) Borrowings under these facilities bear interest at a floating rate of Australian BBSY plus an applicable margin of between 1.10% and 2.70% per annum payable quarterly.

(b) During the three and nine months ended March 31, 2019, the Foxtel Group repaid its A$300 million (approximately $216 million) facility maturing in April 2019 using A$300 million of shareholder loans provided by the Company.

(c)	As of March 31, 2019, the Foxtel Group has undrawn commitments of $241 million under these facilities for which it pays a commitment fee in the range of 40% to 45% of the applicable margin.
(d)	The carrying value of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 9 —Financial Instruments and Fair Value Measurements.

(e) Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 1.45% depending on REA Group’s net leverage ratio. As of March 31, 2019, REA Group was paying a margin of between 0.85% and 1.05%.

(f) During the nine months ended March 31, 2019, REA Group repaid A$120 million (approximately $87 million) of the A$480 million revolving loan facility. Remaining borrowings under the facility of A$240 million (approximately $170 million) will mature in fiscal 2020.

(g) The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.”