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NEWS CORPORATION COMPLETES CREDIT FACILITY

 NEW YORK, May 20 /PRNewswire/ -- The News Corporation Limited (NYSE: NWS; ASX: NCP; LSE: NEWCP) today announced the successful completion of its new US$3.0 billion revolving credit facility. The establishment of this facility is the final step in the company's plan to strengthen its overall financial condition.
 Sine 1991, the company has sold US$1.4 billion in assets and has raised US$5.6 billion in debt and equity transactions in both public and private markets. As a result of these efforts, total debt has been reduced by over $2.0 billion. Bank debt, which had previously exceeded US$9 billion, is now less than US$2.2 billion and represents less than 35 percent of the company's total debt versus 90 percent two years ago. Also, the company has extended the average life of its debt maturity from less than three years to in excess of eight years. In addition, the company has achieved an investment grade credit rating from S&P.
 The new facility is provided by a group of 27 banks in Australia, Europe and the United States, and permits borrowings in U.S. dollars, Australian dollars and British Sterling. The facility has a final maturity date of June 30, 1999 and provides an immediate reduction in the company's bank borrowing rates of 75 basis points.
 Proceeds from the facility, as well as cash on hand, will be used to repay all outstandings under the company's two principle bank facilities: the "override": (US$2.0 billion), which was completed in January 1991 with 146 financial institutions from around the world and a stand-alone facility at HarperCollins (US$901 million).
 Rupert Murdoch, chairman and chief executive of News Corporation, states: "The conclusion of the banking agreement successfully completes our two year effort to strengthen the company's balance sheet. This achievement is a direct reflection of the strength of the company's businesses and the dedication of our management and employees."
 -0- 5/20/93
 /CONTACT: Marcia Horowitz of Howard J. Rubenstein Associates, Inc., 212-489-6900, for The News Corporation Limited/
 (NWS)


CO: The News Corporation Limited ST: New York IN: PUB SU:

KD-TS -- NY038 -- 0691 05/20/93 10:42 EDT
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Publication:PR Newswire
Date:May 20, 1993
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