NEWS CORP 8-K

What Happened
News Corporation (NWSA) announced on March 27, 2026 that it entered into an Amended and Restated Credit Agreement providing $1,500,000,000 of unsecured credit facilities to refinance its prior credit agreement and for general corporate purposes. The Facilities consist of a $1,000,000,000 five-year revolving credit facility and a $500,000,000 five-year Term A credit facility. The Company also extended the maturity of existing Term A loans and borrowed an additional $43,750,000 on the same date, bringing the aggregate Term A Loans to $500,000,000. The Facilities mature on March 27, 2031 (with certain extension options).

Key Details

• Total facilities: $1.5 billion (Revolving Facility $1.0B; Term A Facility $0.5B).
• Revolver features: five-year term, $100.0M sublimit for letters of credit, ability to borrow/prepay/reborrow (no amortization). Company may request up to two 1‑year maturity extensions for the revolver.
• Term A features: five-year term, amortization schedule of 0.0%, 2.5%, 2.5%, 5.0% and 5.0% of original principal for each 12‑month period commencing June 30, 2026; Company may request at least one-year extension under certain conditions.
• Pricing and agents: interest based on Term SOFR/Alternative Currency Term Rate/Base Rate formulas; Bank of America, N.A. is Administrative Agent; BofA Securities, JPMorgan and Citibank served as lead arrangers/bookrunners; multiple global banks are lenders.
• Covenant: Company must maintain an adjusted operating income net leverage ratio of not more than 3.5:1.0 (subject to specified adjustments after material acquisitions).

Why It Matters
This filing shows News Corp has secured refinancing liquidity through a $1.5B unsecured facility that extends debt maturities and provides working capital flexibility. For investors, key takeaways are the size and unsecured nature of the facilities, the leverage covenant (3.5x) that could influence future financing or acquisition capacity, the revolving credit availability (including a $100M letter-of-credit sublimit), and the scheduled amortization of the Term A loans. These are material for assessing the company’s near‑term liquidity, financial flexibility and covenant constraints.