Published on 6/1/2017 in the Prospect News Investment Grade Daily.
New Issue: Walt Disney prices $2 billion of notes in three tranches
By Cristal Cody
Tupelo, Miss., June 1 – The Walt Disney Co. sold $2 billion of series G medium-term notes (A2/A+/A) in three tranches on Thursday, according to FWP filings with the Securities and Exchange Commission.
The company priced $500 million of three-year floating-rate notes at par to yield Libor plus 19 basis points.
Walt Disney sold $750 million of 1.8% three-year fixed-rate notes at 99.884 and a spread of Treasuries plus 40 bps.
The company sold $750 million of 2.95% 10-year notes at 99.629 and a Treasuries plus 78 bps spread.
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Walt Disney is a Burbank, Calif.-based entertainment and media company.
| Issuer: | The Walt Disney Co.
|
| Amount: | $2 billion
|
| Securities: | Medium-term notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC and RBC Capital Markets, LLC
|
| Co-managers: | BNY Mellon Capital Markets, LLC, ICBC Standard Bank plc, Loop Capital Markets LLC, Santander Investment Securities Inc. and Williams Capital Group, LP
|
| Junior co-managers: | Academy Securities, Inc., CastleOak Securities, LP, MFR Securities, Inc. and Mischler Financial Group, Inc.
|
| Trade date: | June 1
|
| Settlement date: | June 6
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | June 5, 2020
|
| Coupon: | Libor plus 19 bps
|
| Price: | Par
|
| Yield: | Libor plus 19 bps
|
| Call feature: | None
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | June 5, 2020
|
| Coupon: | 1.8%
|
| Price: | 99.884
|
| Spread: | Treasuries plus 40 bps
|
| Call feature: | Price equal to par or Treasuries plus 6 bps
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | June 15, 2027
|
| Coupon: | 2.95%
|
| Price: | 99.629
|
| Spread: | Treasuries plus 78 bps
|
| Call feature: | Price equal to par or Treasuries plus 12.5 bps
|
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