Borrowings

3 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Borrowings

NOTE 5. BORROWINGS

The Company’s total borrowings consist of the following:

	Interest rate at September 30, 2019			Due date at September 30, 2019		As of September 30, 2019			As of June 30, 2019
						(in millions)
Foxtel Group
Credit facility 2014 — tranche 2(a)		2.92	%		Jan 31, 2020	$	135		$	56
Credit facility 2015(a)		3.12	%		Jul 31, 2020		271			281
Credit facility 2016(a)(c)		3.60	%		Sept 11, 2021		237			193
Working capital facility 2017(a)(c)		3.27	%		Jul 3, 2020		54			56
US private placement 2009 — tranche 3(b)		—			Sept 24, 2019		—			75
US private placement 2012 — USD portion — tranche 1(b)		—			Jul 25, 2019		—			150
US private placement 2012 — USD portion — tranche 2(d)		4.27	%		Jul 25, 2022		200			199
US private placement 2012 — USD portion — tranche 3(d)		4.42	%		Jul 25, 2024		150			149
US private placement 2012 — AUD portion		7.04	%		Jul 25, 2022		73			77
REA Group
Credit facility 2016 — tranche 3(e)		2.30	%		Dec 31, 2019		162			168
Credit facility 2018(e)		2.06	%		Apr 27, 2021		47			49
Total borrowings							1,329			1,453
Less: current portion(f)							(622	)		(449	)
Long-term borrowings						$	707		$	1,004

(a) Borrowings under these facilities bear interest at a floating rate of Australian BBSY plus an applicable margin of between 1.20% and 2.70% per annum payable quarterly.

(b) During the three months ended September 30, 2019, certain subsidiaries of Foxtel (together with Foxtel, the “Foxtel Debt Group”) repaid  $150 million aggregate principal amount of senior unsecured notes maturing in July 2019 and $75 million aggregate principal amount of senior unsecured notes maturing in September 2019.

(c) As of September 30, 2019, the Foxtel Debt Group has undrawn commitments of $41 million under these facilities for which it pays a commitment fee of 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 8 —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 September 30, 2019, REA Group was paying a margin of between 0.85% and 1.05%.

(f) 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.”