Twenty-First Century Fox ups 364-day loan tranche to £10.83 billion

By Sarah Lizee

Olympia, Wash., July 11 – Twenty-First Century Fox, Inc. and wholly owned subsidiary 21st Century Fox America, Inc. amended their bridge credit agreement in order to increase available borrowings under the 364-day tranche of loans to £10,825,000,000 from £7.7 billion.

The companies entered into the first amendment to the bridge credit agreement with J.P. Morgan Europe Ltd. as agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the bridge credit agreement was entered into in connection with Twenty-First Century Fox’s planned acquisition of Sky plc. The credit agreement also includes £4.5 billion of loans under a 180-day tranche.

The purpose of the amendment and increase was to provide additional financing for the increased offer for Sky, the companies said.

21st Century Fox and the independent committee of Sky announced in a press release on Wednesday that they reached an agreement on an increased recommended preconditional cash offer for the fully diluted share capital of Sky that 21st Century Fox and its affiliates do not already own at a price of £14.00 for each Sky share.

New York-based Twenty-First Century Fox operates cable and broadcasting networks and properties. London-based Sky is a satellite broadcasting, on-demand internet streaming media, broadband and telephone services company.

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