Walt Disney Sells $800 Million of Two-Year Floating-Rate NotesSarika Gangar
Walt Disney Co., the world’s largest entertainment company, raised $800 million with its first sale of floating-rate debt in almost five years. The company initially planned an offering of $500 million.
Disney sold two-year notes that yield one basis point less than the three-month London interbank offered rate, according to data compiled by Bloomberg. The securities are rated A2 by Moody’s Investors Service and A at Standard & Poor’s, the data show.
Three-month, dollar-denominated Libor, which was fixed today at 0.29 percent, is the rate at which banks say they can borrow from each other.
Disney last sold floaters in April 2008, issuing 9.5 billion yen ($93.3 million) of three-year debentures that have since matured, according to Bloomberg data.
Credit Suisse Group AG, Mizuho Financial Group Inc. and Royal Bank of Canada managed the offering for the Burbank, California-based company, Bloomberg data show.
The company last sold debt in November, raising $3 billion in a four-part offering, Bloomberg data show.
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