By Andrea Heisinger
New York, Nov. 27 - Walt Disney Co. priced $3 billion of notes (A2/A/A) in four tranches on Tuesday, an informed source said.
A $500 million tranche of 0.45% three-year notes sold at 99.255 to yield 0.701% with a spread of Treasuries plus 35 basis points. There is a make-whole call at Treasuries plus 5 bps.
There was $1 billion of 1.1% five-year notes priced at 99.289 to yield 1.247% with a spread of 60 bps over Treasuries. There is a make-whole call at 10 bps over Treasuries.
A $1 billion tranche of 2.35% 10-year notes was sold at 99.232 to yield 2.437% with a spread of 80 bps over Treasuries. The tranche has a make-whole call at Treasuries plus 15 bps.
Finally, a $500 million sale of 3.7% 30-year bonds priced at 99.282 to yield 3.74% with a spread of Treasuries plus 95 bps. The bonds feature a make-whole call at Treasuries plus 15 bps.
Bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Disney was last in the bond market with a $1.4 billion sale of notes in two tranches on Feb. 9, 2012. That offering included a 1.125% five-year note priced at Treasuries plus 47 bps and a 2.55% 10-year bond sold at 62 bps over Treasuries.
The entertainment and media company is based in Burbank, Calif.
| Issuer: | Walt Disney Co.
|
| Issue: | Notes
|
| Amount: | $3 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Trade date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | Dec. 1, 2015
|
| Coupon: | 0.45%
|
| Price: | 99.255
|
| Yield: | 0.701%
|
| Spread: | Treasuries plus 35 bps
|
| Call: | Make-whole at Treasuries plus 5 bps
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Dec. 1, 2017
|
| Coupon: | 1.1%
|
| Price: | 99.289
|
| Yield: | 1.247%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Dec. 1, 2022
|
| Coupon: | 2.35%
|
| Price: | 99.232
|
| Yield: | 2.437%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | Dec. 1, 2042
|
| Coupon: | 3.7%
|
| Price: | 99.282
|
| Yield: | 3.74%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
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