Erik Gruenwedel
April 13, 2020
Taking advantage of low interest rates and its strong brand, The Walt Disney Co. said it has entered into a 364-day loan for upwards of $5 billion from Citibank, according to an April 10 regulatory filing. Disney said it would use the funds for general purposes.
The loan, which has different interest rates based on European and American currencies, is scheduled to mature on April 9, 2021. Disney has the option to extend the maturity for an additional 364-day period, subject to lenders’ consent.
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Disney’s business units have been hammered by global shutdowns to prevent the spread of the coronavirus. The media company is reportedly losing $30 million a day since the closure of all its theme parks, cruise lines and movie and TV production studios and box office.
Disney has furloughed nearly 75,000 amusement employees. It has also asked for a 15% cut in salary from its ESPN on-air talent.
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