XML 50 R26.htm IDEA: XBRL DOCUMENT v3.23.3
Borrowings (Tables)
 3 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Borrowings
The Company’s total borrowings consist of the following:
Interest rate at September 30, 2023Maturity at September 30, 2023As of
September 30, 2023		As of
June 30, 2023
(in millions)
News Corporation
2022 Term loan A(a)
6.990 %Mar 31, 2027$497 $497 
2022 Senior notes5.125 %Feb 15, 2032492 492 
2021 Senior notes3.875 %May 15, 2029990 989 
Foxtel Group(b)
2024 Foxtel credit facility — tranche 1(c)(d)
7.04 %Aug 1, 2026335 — 
2024 Foxtel credit facility — USD portion — tranche 2(e)
8.64 %Aug 1, 202749 — 
2024 Foxtel credit facility — tranche 3(d)
7.19 %Aug 1, 2027200 — 
2017 Working capital facility(c)
7.04 %Aug 1, 202616 — 
Telstra facility12.10 %Dec 22, 202799 100 
2019 Credit facility(f)
— %May 31, 2024— 320 
2019 Term loan facility(f)
— %Nov 22, 2024— 167 
2012 US private placement — USD portion — tranche 3(f)
— %Jul 25, 2024— 149 
REA Group(b)
2024 REA credit facility — tranche 1(g)
5.65 %Sep 15, 202876 — 
2024 REA credit facility — tranche 2(g)
5.35 %Sep 16, 2025129 — 
2024 Subsidiary facility(g)
5.57 %Sep 28, 202553 — 
2022 Credit facility — tranche 1(f)
— %Sep 16, 2024— 211 
2022 Credit facility — tranche 2(f)
— %Sep 16, 2025— — 
Finance lease liability34 42 
Total borrowings2,970 2,967 
Less: current portion(h)
(61)(27)
Long-term borrowings
$2,909 $2,940 
(a)The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 3.583%. See Note 8—Financial Instruments and Fair Value Measurements.
(b)These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.
(c)As of September 30, 2023, the Foxtel Debt Group had total undrawn commitments of A$304 million available under these facilities.
(d)The Company entered into A$610 million of interest rate swap derivatives to fix the floating rate interest components of tranche 1 and tranche 3 of its 2024 Foxtel Credit Facility (described below) at approximately 4.30%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 7.10% and 7.30% for tranche 1 and tranche 3, respectively. See Note 8—Financial Instruments and Fair Value Measurements.
(e)The Company entered into a cross-currency interest rate swap derivative to fix the floating rate interest component of tranche 2 of its 2024 Foxtel Credit Facility (described below) at 4.38%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 7.64%. See Note 8—Financial Instruments and Fair Value Measurements.
(f)These borrowings were repaid during the three months ended September 30, 2023 using proceeds from the 2024 Foxtel Credit Facility and 2024 REA Credit Facility (described below), as applicable.
(g)As of September 30, 2023, REA Group had total undrawn commitments of A$282 million available under these facilities.
(h)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.” $26 million and $27 million relates to the current portion of finance lease liabilities as of September 30, 2023 and June 30, 2023, respectively, with the remainder as of September 30, 2023 consisting of required principal repayments on the 2022 Term Loan A and 2024 Foxtel Credit Facility — tranches 2 and 3.