Walt Disney Enters New $5 Billion Credit Agreement For Coronavirus Cushion
. That follows $6 billion the company raised last month with a sale of debt securities.
The current agreement matures in April of 2021 and could be extended for a year. It provides for advances to be made for a year to be used for general corporate purposes, the company said in a SEC filling.pandemic, which has hit its divisions hard from theme parks to production to live sports and advertising. The agreement gives it a hefty extra $11 billion in fresh cash.
Others have also been tapping the debt market or drawing down on revolving credit facilities as a nest egg against the harsh economic impact and unknown duration of the coronvirus, and acknowledging in SEC filings that the virus spread is having a major negative impact on their businesses, and the extent and duration of the hit is still impossible to gauge.
Fox Corp. most recently last week completed te sale of $1.2 billion worth of senior notes. Comcast has sold $6 billion of senior notes and ViacomCBS $2.5 billion worth. Discovery drew down a portion, $500 million, of a revolving credit facility to make sure it was available. AMC Entertainment has tapped all of its outstanding balance on two facilities, on here and one in the U.K.
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