News Corp. Gets $650 Million Revolving Credit Due in Five Years
News Corp. (NWSA), the publishing company that owns the Wall Street Journal, obtained a $650 million line of credit that will expire in October 2018.
JPMorgan Chase & Co., Citigroup Inc., and Commonwealth Bank of Australia (CBA) arranged the financing, New York-based News Corp. said in a regulatory filing. The facility may be increased to as much as $900 million, the company said.
Borrowings under the revolving credit line would be the only debt for News Corp., which became debt-free when Chairman Rupert Murdoch split the publishing arm from his entertainment business last year. Proceeds of the loan will be used for general corporate purposes, according to the company.
News Corp. hasn’t borrowed any funds under the pact, it said in the filing.
In a revolving line of credit, money may be borrowed again once it is repaid.
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