Snowgod
02-21-2002, 10:50 AM
NEW YORK, Feb 21 (Reuters) - Walt Disney Co. (NYSE:DIS - news), which has suffered from falling theme park attendance and weak TV advertising sales since the Sept. 11 attacks, is preparing to sell $1.75 billion of global bonds, $400 million more than originally planned, an official for co-lead manager Salomon Smith Barney said on Thursday.
The sale by the Burbank, California-based home to Mickey Mouse and the Magic Kingdom is expected on Thursday, a person familiar with the sale said.
Disney is expected to sell $1.25 billion, up from $1 billion, of 10-year notes yielding 1.55 percentage points more than 10-year Treasuries, and $500 million, up from $350 million, of 30-year bonds yielding 1.7 percentage points more than 30-year Treasuries.
Ten- and 30-year Treasuries now yield a respective 4.88 percent and 5.38 percent.
Moody's Investors Service rates Disney's existing senior unsecured debt ``A3,'' its fourth lowest investment grade, while Standard & Poor's rates it an equivalent ``A-minus.'' Both agencies' rating outlooks are negative.
J.P. Morgan is also arranging the sale. :smooth:
The sale by the Burbank, California-based home to Mickey Mouse and the Magic Kingdom is expected on Thursday, a person familiar with the sale said.
Disney is expected to sell $1.25 billion, up from $1 billion, of 10-year notes yielding 1.55 percentage points more than 10-year Treasuries, and $500 million, up from $350 million, of 30-year bonds yielding 1.7 percentage points more than 30-year Treasuries.
Ten- and 30-year Treasuries now yield a respective 4.88 percent and 5.38 percent.
Moody's Investors Service rates Disney's existing senior unsecured debt ``A3,'' its fourth lowest investment grade, while Standard & Poor's rates it an equivalent ``A-minus.'' Both agencies' rating outlooks are negative.
J.P. Morgan is also arranging the sale. :smooth: