Press Releases
News Corporation Finance Trust Issues Notice to Redeem 5% Trust Originated Preferred Securities
News Corporation Exchange Trust Issues Notice to Redeem 5% Exchangeable Trust Originated Preferred Securities
NEW YORK, NY, March 19, 2010 – News Corporation Finance Trust
(“Finance Trust”) today issued a notice to holders of 5% Trust Originated
Preferred Securities (the “Finance Securities”) that it intends to redeem
all of the outstanding Finance Securities for cash on April 19, 2010 (the
“Redemption Date”). In addition, News Corporation Exchange Trust (“Exchange
Trust”) today issued a notice to holders of 5% Exchangeable Trust Originated
Preferred Securities (the “Exchange Securities”) that it intends to redeem
all of the outstanding Exchange Securities for cash on the Redemption Date.
The Finance Trust and the Exchange Trust are wholly-owned by News America
Incorporated, a wholly-owned subsidiary of News Corporation.
The Finance Securities were issued pursuant to the Amended and Restated
Declaration of Trust of News Corporation Finance Trust, dated November 12,
1996. The Exchange Securities were issued pursuant to the Amended and
Restated Declaration of Trust of News Corporation Exchange Trust, dated
November 12, 1996.
News America Incorporated has elected to pay the redemption price for each
of the Finance Securities and Exchange Securities in cash on the Redemption
Date. The redemption price of the Finance Securities shall be equivalent to
$80.60 per Finance Security, which is calculated as the issue price of the
Finance Security plus accrued OID plus all accrued and unpaid distributions
to the Redemption Date. The redemption price of the Exchange Securities
shall be equivalent to $100.26 per Exchange Security, which is calculated as
the issue price of the Exchange Security plus all accrued and unpaid
distributions to the Redemption Date. The Finance Securities and Exchange
Securities will be redeemed for an aggregate purchase price, excluding
accrued interest, of approximately $133.4 million.
The Bank of New York Mellon is acting as the property trustee in connection
with the redemption.
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of
December 31, 2009 of approximately US$56 billion and total annual revenues
of approximately US$30 billion. News Corporation is a diversified global
media company with operations in eight industry segments: filmed
entertainment; television; cable network programming; direct broadcast
satellite television; integrated marketing services; newspapers and
information services; book publishing; and other. The activities of News
Corporation are conducted principally in the United States, Continental
Europe, the United Kingdom, Australia, Asia and Latin America.
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