Disney to Sell $1 Billion of Convertible Notes
Walt Disney Co., the second-largest U.S. media company, said in a filing with the Securities and Exchange Commission that it would offer $1 billion of senior convertible notes due 2023.
The sale will be closer to $1.15 billion if the underwriters exercise an option for an additional $150 million of notes. Citigroup Inc. and J.P. Morgan Chase & Co., which represent the underwriters for the sale, will manage the offering with Credit Suisse First Boston.
Proceeds from the sale are expected to be $1 billion before the underwriters’ over-allotment option. Disney plans to use the cash for general purposes, a spokesman said.
Disney shares fell 61 cents to $17.13 on the NYSE.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
