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NEWS CORPORATION PRICES $850 MILLION OF SENIOR DEBT

 NEWS CORPORATION PRICES $850 MILLION OF SENIOR DEBT
 NEW YORK, Oct. 16 /PRNewswire/ -- The News Corporation Limited


(NYSE: NWS) announced that the public offering of $850 million of senior debt securities was priced today. The company said that the interest rate on $550 million of senior notes due Oct. 15, 1999, will be 9-1/8 percent and the rate on $300 million of senior debentures due Oct. 15, 2012, will be 10-1/8 percent.
 The company had originally filed a registration statement with the Securities and Exchange Commission for an offering of $1 billion of debt securities. The company said the offering was reduced from $1 billion to $850 million due to recent volatility in the U.S. debt market.
 The company further stated that this reduction will not impact its overall financial strategy that included the recent global equity offering of 40 million ordinary shares.
 The net proceeds to the company of the debt and equity offering will be not less than $1.5 billion. The company intends to use all of the proceeds of the equity and debt offerings, together with the net proceeds of the $185 million sale of the San Antonio Express News, to repay bank debt.
 As a result of the completion of the offerings, the company expects to refinance its bank obligations to extend maturities and reduce its cost of borrowings.
 The senior notes and senior debentures are being underwritten by Merrill Lynch & Co. (which acted as lead manager of the offerings), Allen & Co., Citicorp Securities, Donaldson, Lufkin & Jenrette and JP Morgan Securities.
 -0- 10/16/92
 /CONTACT: Peter Rosenthal or David Santos of Howard J. Rubenstein Associates, 212-489-6900, for News Corporation/
 (NWS) CO: The News Corporation Limited ST: New York IN: PUB SU:


GK-EE -- NY008 -- 0792 10/16/92 08:45 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 16, 1992
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