The Walt Disney Co. (DIS) is back in the bond market with plans for a six-part deal, according to a filing with the Securities and Exchange Commission. The move comes after the entertainment giant sold $6 billion of bonds in March. The company did not offer details on tranche size or maturities, but said the proceeds will be used for general corporate purposes, including repayment of commercial paper and other debt. The deal is being underwritten by BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley, said the filing. ( ) Disney posted first-quarter earnings last week that showed profit down 90% ( ) as the coronavirus pandemic pressured everything from theme parks to film production to television advertisements. COVID-19 cost Disney at least $1 billion in profit just for its theme-park unit, executives said. Shares were down 1.3% Monday and have fallen 26% in the year to date, while the Dow Jones Industrial Average has fallen 15%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 11, 2020 12:37 ET (16:37 GMT)
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