Euro Disney launches €253 million rights offering to raise cash

By Jeff Pines

Washington, Jan. 21 - Euro Disney SCA said it has launched its €253 million rights offering as the final step of its restructuring.

Shareholders will get preferential subscription rights with an exercise price of €0.09 per share. Shareholders may choose to sell their rights, the Marne-la-Valle, France, resort operator said.

The rights may be exercised from Jan. 31 through Feb. 8. After that, any outstanding rights will be cancelled.

The Walt Disney Co. has agreed to buy more than 1.1 billion new shares, and Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and his family has committed to subscribe for 217,310,879 new shares in the offering.

A group of banks has agreed to underwrite the remaining shares.

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