News Corp. ups private bond offering to $1B amid buying spree

More On:

media ink

Move to give mayor’s office power over press passes stirs controversy

Due diligence underway for all of Tribune, as Hartford group forms to buy Courant

All eyes on billionaire Patrick Soon-Shiong as battle for Tribune heats up

Second deep-pocketed white knight joins bid for Tribune Publishing

News Corp. plans to raise $1 billion selling bonds amid a buying spree — up from previous plans to raise $750 million.

The publisher of the Wall Street Journal and the New York Post, which recently posted its most profitable quarter since 2013, said it will use the proceeds of private placement senior bond offering for “general corporate purposes, which may include acquisitions and working capital.”

The company had earlier said it plans to wrap up over $620 million in deals by the end of its fiscal year on June 30. It has already this year sealed deals to buy Investors Business Daily for $275 million and the consumer book division of Houghton Mifflin Harcourt for $349 million.

The bonds, which will bear 3.875 percent annual interest rate, will mature on May 15, 2029. The sale is expected to close on April 15, 2021.

Share this article:

Source: Read Full Article