Walt Disney Co (DIS)

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The Walt Disney Company Announces Commencement Of Senior Unsecured Notes Offering By The Walt Disney Company And Concurrent Tender Offers By The Walt Disney Company And 21st Century Fox America, Inc.
By: TheStreet | September 3, 2019

The Walt Disney Company (" Disney") (NYSE: DIS) announced today the commencement of an offering (the " Offering") of one or more series of its floating rate senior unsecured notes and fixed rate senior unsecured notes (collectively, the " New Notes")...

The Walt Disney Company (" Disney") (NYSE: DIS) announced today the commencement of an offering (the " Offering") of one or more series of its floating rate senior unsecured notes and fixed rate senior unsecured notes (collectively, the " New Notes") pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the " SEC"). The New Notes would be guaranteed by TWDC Enterprises 18 Corp., a subsidiary of Disney. Disney intends to use the net proceeds from the Offering (i) to pay the cash consideration in the Tender Offers (as defined below), subject, in the case of the tender offer for the Disney Notes (as defined below), to the Maximum Disney Tender Cap (as defined below), any accrued and unpaid interest with respect to the Tender Offers and related fees and expenses, (ii) prepay in full the aggregate principal amount outstanding under the 364-Day Credit Agreement, dated as of March 15, 2019, among Disney, as the borrower, the lenders party thereto, Citibank, N.A., as a co-administrative agent, and JPMorgan Chase Bank, N.A., as a co-administrative agent and as the designated agent, and (iii) for general corporate purposes. The Offering is not conditioned on the completion of the Tender Offers. The Tender Offers Concurrently with the commencement of the Offering, Disney and its indirect subsidiary, 21st Century Fox America, Inc. (" 21CFA"), have commenced cash tender offers (each, a " Tender Offer") to purchase outstanding notes of Disney listed in the table below (the " Disney Notes"), subject to the Maximum Disney Tender Cap and in the order of priority shown in the table below, and any and all outstanding debt securities of 21CFA (the " 21CFA Notes" and together with the Disney Notes, the " Tender Notes" and each a " Series" of Tender Notes)...

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