Twenty-First Century Fox 2004 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2004 Twenty-First Century Fox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 87

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87

Note 11 Subsequent events
In May 2004, the Group ended the transfer term under the New Millennium II film funding agreement and will no longer
draw any borrowings under the Facility. In accordance with the terms of the termination, the Group will retire $912 million
(US$636 million) of the Facility in fiscal 2005 and $33 million (US$23 million) in fiscal 2006. In July 2004, the Group retired
$538 million (US$375 million) of the amount due in fiscal 2005 with $374 million (US$261 million) remaining to be retired in
fiscal 2005.
In July 2004, the Group paid $411 million (€236 million) to retire the remaining 5.625% Guaranteed Notes due 2004 (the
“Eurobonds”). The Eurobonds repayment included principal of $390 million (€224 million) and accrued interest of $21 million
(€12 million). The Eurobonds and New Millennium II agreement are described in further detail in Note 19 of the Group’s Full
Financial Report.
In July 2004, the Group guaranteed the obligations of Sky Brasil, an associated entity of the Group, under a $301 million
(US$210 million) credit agreement with JP Morgan Chase Bank and Citibank N.A.
78
NEWS CORPORATION CONCISE REPORT 2004
Notes to and forming part of the Concise Financial Report
(continued)
for the year ended 30 June, 2004