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News Corp. Notes Sale

February 22, 2001|Bloomberg News

News Corp., the global media company controlled by Rupert Murdoch, said it plans to raise at least $600 million in a sale of notes.

The sale could raise as much as $700 million if initial purchasers of the notes exercise options to buy more, the Sydney-based company said. It said it will use cash raised in the offering to pay debt and for "general corporate purposes."

News Corp. said it expects to issue 20-year notes that holders can exchange for News Corp. preferred shares or preferred American depositary receipts. News Corp. ADRs fell $1.40 to $37.90 in trading on the New York Stock Exchange.

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