Murdoch's News America to buy back $300 mln bonds
NEW YORK, Nov 27 (Reuters) - News America Inc., a unit of Rupert Murdoch's News Corp. (NCP), said Tuesday it offered to buy for cash all $300 million of its 10.125 percent senior bonds maturing in 2012.
News America said the price it will pay will be based on the bonds' yield to the first redemption date of Oct 15, 2002. This will equal the yield on the 5.75 percent U.S. Treasury note due Oct 31, 2002, plus 0.5 percentage point, plus accrued interest, it said.
Salomon Smith Barney and J.P. Morgan are arranging the tender, News America said. The offer begins Tuesday at 9 a.m. and expires Dec 3 at 5 p.m. in New York, unless extended.
News America said it raised about $750 million earlier this year from the sale of 20-year zero-coupon convertible bonds.
©2001 Reuters Limited.
