Sky Deutschland’s debt restructure sees News Corp take majority control, upping its stake from 49 per cent to 54.5 per cent. A new five year credit agreement covering €300 million of borrowing replaces its current €419 million facility. The bank lending was led by JP Morgan Chase.
The borrowing is guaranteed by News Corp and News America for which Sky Deutschland will issue 77.9 million new shares to News Corp.
CEO Brian Sullivan stressed his company’s past performance and that guidance for 2013 remained firmly in place. Sky Deutschland saw subscriber numbers grow 12 per cent to 3.36 million homes. In early trading Sky Deutschland’s shares rose 18c (3.89 per cent).