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Disney Raises $3 Billion in Three-Part Bond Offering

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Nov. 27 (Bloomberg) -- Walt Disney Co., the world’s largest entertainment company, raised $3 billion in its first bond offering in more than nine months.

The owner of the ABC and ESPN networks sold $500 million of 0.45 percent, three-year securities to yield 35 basis points more than similar-maturity Treasuries, $1 billion of 1.1 percent, five-year notes at a relative yield of 60 basis points, $1 billion of 2.35 percent, 10-year securities with a spread of 80 and $500 million of 3.7 percent, 30-year debt at 95, according to data compiled by Bloomberg.

The company last sold bonds in February, issuing $1 billion of 1.125 percent, five-year debentures and $400 million of 2.55 percent, 10-year notes, Bloomberg data show. The securities due in February 2022 traded at 102.1 cents on the dollar to yield 2.3 percent yesterday, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The new bonds are rated A by Standard & Poor’s and proceeds will be used for general corporate purposes, which could include debt repayment or to finance the company’s purchase of Lucasfilm Ltd., the ratings company said today in a release. Citigroup Inc. and JPMorgan Chase & Co. managed the sale for the Burbank, California-based company, Bloomberg data show.

To contact the reporter on this story: Sarika Gangar in New York at sgangar@bloomberg.net;

To contact the editor responsible for this story Alan Goldstein at agoldstein5@bloomberg.net;

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