Borrowings (Tables)

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Borrowings

The Company’s total borrowings consist of the following:

	Interest rate at December 31, 2019			Maturity at December 31, 2019		As of December 31, 2019		As of June 30, 2019
						(in millions)
Foxtel Group
Credit facility 2014 — tranche 2(a)		—			Jan 31, 2020	$	—	$	56
Credit facility 2015(a)		—			Jul 31, 2020		—		281
Credit facility 2016(a)		—			Sept 11, 2021		—		193
Credit facility 2019(b) (c)		3.94	%		Nov 22, 2022		425		—
Term loan facility 2019(d)		6.25	%		Nov 22, 2024		174		—
Working capital facility 2017 (a) (c) (e) (f)		3.90	%		Nov 22, 2022		12		56
US private placement 2009 — tranche 3(g)		—			Sept 24, 2019		—		75
US private placement 2012 — USD portion — tranche 1(g)		—			Jul 25, 2019		—		150
US private placement 2012 — USD portion — tranche 2(h)		4.27	%		Jul 25, 2022		199		199
US private placement 2012 — USD portion — tranche 3(h)		4.42	%		Jul 25, 2024		148		149
US private placement 2012 — AUD portion		7.04	%		Jul 25, 2022		75		77
REA Group
Credit facility 2016 — tranche 3(i)		—			Dec 31, 2019		—		168
Credit facility 2018(j)		1.93	%		Apr 27, 2021		49		49
Credit facility 2019(j) (k)		1.95	%		Dec 2, 2021		119		—
Total borrowings							1,201		1,453
Less: current portion(l)							—		(449​​​​​​​	)
Long-term borrowings						$	1,201	$	1,004

(a)	During November 2019, certain subsidiaries of NXE Australia Pty Limited (“Foxtel” and together with such subsidiaries, the “Foxtel Debt Group”) repaid the outstanding borrowings under these facilities using a combination of new indebtedness and an A$200 million shareholder loan provided by the Company.
(b)	During November 2019, the Foxtel Debt Group entered into an A$610 million revolving credit facility maturing in November 2022 (the “2019 Credit Facility”).
(c)	Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus an applicable margin of between 2.00% and 3.75% per annum depending on the Foxtel Debt Group’s net leverage ratio. As of December 31, 2019, the Foxtel Debt Group was paying a margin of 3.00% on drawn amounts under these facilities.

(d) During November 2019, the Foxtel Debt Group entered into an A$250 million term loan facility maturing in November 2024 (the “2019 Term Loan Facility”). Borrowings under the 2019 Term Loan Facility bear interest at a fixed rate of 6.25% per annum.

(e) During November 2019, the Foxtel Debt Group amended its 2017 Working Capital Facility which, among other things, extended the remaining term to three years, decreased the capacity under the facility from A$100 million to A$40 million and increased the applicable margin.

(f)	As of December 31, 2019, the Foxtel Debt Group has undrawn commitments of $11 million under this facility for which it pays a commitment fee of 45% of the applicable margin.
(g)	During the first quarter of fiscal 2020, the Foxtel Debt Group repaid $150 million aggregate principal amount of senior unsecured notes which matured in July 2019 and $75 million aggregate principal amount of senior unsecured notes which matured in September 2019.

(h)	The carrying values 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.
(i)	During December 2019, REA Group repaid the final A$240 million tranche of its A$480 million revolving loan facility using a combination of cash on hand and new indebtedness.

(j) Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 1.40% depending on REA Group’s net leverage ratio. As of December 31, 2019, REA Group was paying a margin of 0.85% on drawn amounts under these facilities.

(k) During December 2019, REA Group entered into an A$170 million unsecured syndicated revolving loan facility maturing in December 2021 (the “2019 REA Group Credit Facility”).

(l) 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.”