Considering how low interest rates are these days, it’s easy to see why Disney is joining the pack of companies looking to sell debt. The company says in a prospectus filed at the SEC that it expects to raise $1B from global notes that mature in 2014 and pay an annual interest rate of 0.875%, and $600M from global notes due in 2041 that pay 4.125%. The cash will be used for “general corporate purposes,” which may include repayment of other debt, and “to fund share repurchases.” Moody’s gave the notes an A2 rating, while Standard & Poor’s and Fitch rated them A. BNP Paribas, Citigroup, Credit Suisse, and Deutsche Bank are the lead underwriters. Disney’s offer follows a $1.85B bond sale in August, and a $500M sale in May.
Disney Bond Offer To Raise $1.6B
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