Disney Sells $3 Billion in BondsTuesday, November 27, 2012
Walt Disney Co. on Tuesday reportedly sold $3 billion in bonds, its largest bond sale this year.
The Burbank entertainment giant reportedly took advantage of low interest rates to raise operating capital and pay down older debt. Proceeds are expected be used for general corporate purposes, which could include partial repayment of an estimated $2.05 billion in debt, or helping financing Disney’s pending $4 billion acquisition of Lucasfilm Ltd., according to reports by debt rating firms,
The new bonds are rated “A” by Standard & Poor’s and Fitch Ratings, and “A2” by Moody’s Investors Service. Disney last sold about $1.4 billion bonds in February.
Disney shares closed down 43 cents, or less than 1 percent, to $48.60 on the New York Stock Exchange.