Disney to Sell $1 Billion of Convertible Notes
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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.
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