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Lifeline For Broadcaster

The Age

Friday May 10, 1996

Ben Potter

The embattled satellite and microwave broadcaster Australis Media has brushed off a campaign of harassment from its frustrated suitor, Rupert Murdoch's News Corporation, to complete a lifesaving $170 million refinancing.

Australis said yesterday that it had finalised documentation for a $157.3 million credit facility from Toronto Dominion Australia, the local subsidiary of the big Canadian bank, and a $12.6 million equity placement with J.P. Morgan.

The bank credit facility is guaranteed by the US cable groups Lenfest Communications and UIH, Kerry Packer's Publishing and Broadcasting and Sir Ron Brierley's Guinness Peat group.

Lenfest has already extended a $25 million loan to Australis, so the latest steps give Australis a six-month reprieve to negotiate longer-term finance. The reprieve enabled Australis to reject News's offer to buy out its profitable program supply deal with Foxtel, News's cable venture with Telstra.

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