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Fox Prepares To Sell $1B In Debt

Fox Changes Shareholder Voting Formula As Annual Meeting ApproachesFox Changes Shareholder Voting Formula As Annual Meeting Approaches

The company says the cash will be used for the catch-all “general corporate purposes”, which could include refinancing of its $900M in debt that matures next year. 21st Century Fox‘s News America Incorporated is backing two offerings: One will sell $300M in senior notes due in 2023 that pay an annual interest rate of 4.0%. The other is for $700M in senior notes that are due in 2043 and pay 5.4%. Fox expects the offers to close on September 30. Moody’s Investors Service gives the company a medium-grade rating of Baa1 and says the deal will have “no material impact” on its leverage as it takes advantage of “the low but rising interest rate environment.”

Related: Rupert Murdoch’s Fiscal ’13 Earnings Drop To $28.9M

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