XML 55 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Borrowings (Tables)
 12 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Borrowings
The Company’s total borrowings consist of the following:
Interest rate at June 30,
2020		Maturity at June 30,
2020		As of June 30, 2020As 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)
— %Sep 11, 2021—  193  
Credit facility 2019 (b) (c) (d)
3.17 %Nov 22, 2022371  —  
Term loan facility 2019 (e)
6.25 %Nov 22, 2024171  —  
Working capital facility 2017 (a) (c) (d) (f)
3.17 %Nov 22, 2022—  56  
Telstra facility (g)
7.95 %Dec 22, 202711  —  
US private placement 2009—tranche 3 (h)
— %Sep 24, 2019—  75  
US private placement 2012—USD portion—tranche 1 (h)
— %Jul 25, 2019—  150  
US private placement 2012—USD portion—tranche 2 (i)
4.27 %Jul 25, 2022200  199  
US private placement 2012—USD portion—tranche 3 (i)
4.42 %Jul 25, 2024150  149  
US private placement 2012—AUD portion
7.04 %Jul 25, 202273  77  
REA Group
Credit facility 2016—tranche 3 (j)
— %Dec 31, 2019—  168  
Credit facility 2018 (k)
0.99 %Apr 27, 202148  49  
Credit facility 2019 (l)
0.99 %Dec 2, 2021117  —  
Credit facility 2020 (m)
2.14 %Dec 2, 2021—  —  
Finance Lease LiabilitySee Note 10118  —  
Total borrowings (n)
1,259  1,453  
Less: current portion (o)
(76) (449) 
Long-term borrowings
$1,183  $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.
(d)As of June 30, 2020, the Foxtel Debt Group had undrawn commitments of A$102 million under these facilities for which it pays a commitment fee of 45% of the applicable margin.
(e)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.
(f)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.
(g)In February 2020, the Foxtel Debt Group entered into an A$170 million subordinated shareholder loan facility agreement (the “Telstra Facility”) that can be used to finance cable transmission costs. The Telstra Facility bears interest at a variable rate of the Australian BBSY plus a margin of 7.75%.
(h)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.
(i)The carrying values of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 12—Financial Instruments and Fair Value Measurements.
(j)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.
(k)Borrowings under this facility bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 2.75% depending on REA Group’s net leverage ratio.
(l)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”). Borrowings under this facility bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 2.00% depending on REA Group’s net leverage ratio.
(m)During April 2020, REA Group entered into an A$148.5 million working capital facility (the “2020 REA Group Credit Facility”). Borrowings under this facility bear interest at a floating rate of the Australian BBSY plus a margin of 2.00% or 2.75% depending on REA Group’s net leverage ratio.
(n)The Company’s outstanding borrowings as of June 30, 2020 were incurred by Foxtel and REA Group, consolidated but non wholly-owned subsidiaries of News Corp. These borrowings are only guaranteed by Foxtel and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.
(o)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.” $28 million relates to the current portion of finance lease liabilities.
Scheduled of Debt Maturities Excluding Other Obligations and Debt Issuance Costs
The following table summarizes the Company’s debt maturities, excluding finance lease liabilities, as of June 30, 2020:
As of June 30, 2020
(in millions)
Fiscal 2021$48  
Fiscal 2022117  
Fiscal 2023644  
Fiscal 2024—  
Fiscal 2025321  
Thereafter
11