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INTERVIEW-Sky Deutschland's funding ok 'til break even-CFO
July 25, 2011 / 11:40 AM / 6 years ago

INTERVIEW-Sky Deutschland's funding ok 'til break even-CFO

By Peter Maushagen and Nicola Leske

MUNICH, July 25 (Reuters) - German pay TV company Sky Deutschland SKYDn.DE, part-owned by scandal-ridden News Corp (NWSA.O), has sufficient capital to burn until it breaks even, its Chief Financial Officer said.

“We’re totally ok on funding to go to break even,” CFO Steven Tomsic told Reuters in an interview.

Loss-making Sky Deutschland has tapped the market with the help of its largest shareholder News Corp (NWSA.O) five times in the past three years and it is unclear when it will break even.

Tomsic, a former News Corp executive who took the job of financial officer in February 2011, said its capital structure would be a topic in the next 18 months.

Sky Deutschland has 525 million euros ($757.2 million) in debt facilities that mature in 2013 and News Corp shareholder loans up to 2014.

“It’s not a here and now for us but we need to be prepared,” Tomsic said, adding the company would consider its options for refinancing such as potentially rolling over syndicated loans early.

($1=.6933 Euro)

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