The Walt Disney Co. has raised nearly $11 billion in a new debt offering amid the novel coronavirus pandemic. More details:
The Walt Disney Co. has raised nearly $11 billion in a new debt offering as it continues to deal with the impact of the novel coronavirus pandemic on its worldwide businesses.
Disney had on Monday, in a separate filing, issued a supplement to a September prospectus to raise senior notes. The company, led by CEO Bob Chapek, at the time said the net proceeds would be used for general corporate purposes, including the repayment of debt obligations. Moody's Investors Service on Monday assigned an A2 rating to the Disney debt raise. "This transaction will add to Disney's significant liquidity as it will free up revolving debt capacity otherwise assumed set aside to back outstanding commercial paper and near-term maturities, and essentially removes any question that the company has robust liquidity to help carry it through this 'black swan' cycle caused by the spread of COVID-19," analyst Neil Begley said.
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