Foxtel Raising Capital, No Word On IPO
Foxtel is preparing to raise capital in order to refinance its debt and avoid it being classified as a current liability.
AFR reports that Foxtel will approach its existing lenders first “to lock in early support”. Foxtel has $1.93 billion in drawn and outstanding debt, as of the start of FY23, the majority of which will mature next year.
Foxtel has a $610 million multibank syndicated facility; a $250 million syndicated term loan facility; and US$150 million in private placement debt – all of which mature 2024.
In addition, it has a $700 million loan from majority owner News Corp, and a $170 million facility from minorty holder Telstra.
Both companies have been preparing to list Foxtel for the past 18 months, but have held off until the global financial market is in a much more secure place.