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Walt Disney secures $5.25 billion 364-day credit agreement
By Wendy Van Sickle
Columbus, Ohio, March 8 – Walt Disney Co. entered into a $5.25 billion 364-day credit agreement with Citibank, NA and JPMorgan Chase Bank, NA as co-administrative agents on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement is guaranteed by TWDC Enterprises 18 Corp.
Pricing is Libor plus 75 basis points to 112.5 bps, based on debt ratings. There is a replacement rate for Libor if it is no longer available.
The credit agreement replaces the company’s 364-day credit agreement dated March 6, 2020.
The new facility matures March 4, 2022. The company has the option to extend the facility by one year, subject to lender consent.
The company must maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3 to 1 as of the last day of each period of four consecutive fiscal quarters.
Proceeds will be used for general corporate purposes.
Citibank is the designated agent and is a joint lead arranger and bookrunner along with JPMorgan, BNP Paribas Securities Corp. and Deutsche Bank Securities Inc.
BNP and Deutsche Bank are co-syndication agents.
Bank of America, NA, Credit Suisse AG, New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, NA, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC, Royal Bank of Canada, Societe General, Sumitomo Mitsui Banking Corp., TD Securities (USA) LLC, Truist Bank, US. Bank NA and Wells Fargo Bank, NA are the co-documentation agents.
Agricultural Bank of China, Ltd., New York Branch, Banco Santander, SA, New York Branch, Bank of China, Los Angeles Branch, Industrial and Commercial Bank of China Ltd., New York Branch, ING Bank NV, Dublin Branch and Standard Chartered Bank are managing agents.
Walt Disney is a Burbank, Calif.-based entertainment and media company.
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