BSkyB has priced the equivalent of £3.25 billion in Euro and US dollar denominated bonds.

Proceeds from the bond issue will be used to finance the proposed acquisition of Sky Italia and the 57.4% of Sky Deutschland, announced on July 25.

It means that Sky’s gross debt, which previously stood at £2,589 million, will increase by £3.25 billion.

Proceeds of the US dollar bonds will be swapped into Euros, resulting in a cost to Sky of approximately 1.3% for the bonds due in 2019 and 2.4% for the bonds due in 2024.