DISNEY AIMS TO LOWER COST OF DEBT.Byline: Greg Hernandez Staff Writer BURBANK - The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. said Tuesday it plans to raise $1 billion through a debt offering that would allow it to pay off some of its higher-interest loans. The Burbank-based entertainment conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. said that as part of the transaction it also has an option of offering an additional $150 million in convertible debt. Proceeds would ``be used for general corporate purposes,'' the company said in a statement. ``This could decrease their average cost of debt,'' said Guzman & Co. analyst David Joyce David Joyce (26 February 1825 – 4 December 1904) was an American "lumber baron" and industrialist. His fortune was eventually inherited by Beatrice Joyce Kean who used it to establish the Joyce Foundation in 1948.[1] Early life David Joyce was born at Mt. . ``I would assume they are going to use these proceeds to pay down some of their other debt.'' Other large cable and media companies have issued various types of convertible debt including Liberty Media, News Corp. and Comcast. ``The reason why there is a trend is while the stock market has gone down, investors who have been pulling their money out of the stock market have been putting them into the bond market,'' Joyce said. ``But now that it looks like the ending to the war is becoming near, money is coming out of bonds and back into stocks, which should start to increase the interest rates.'' Disney said Citigroup and JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. will be acting as joint book-running managers and representatives of the underwriters for this offering. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. will be acting as a joint lead manager. Disney's shares were down 61 cents, or 3.4 percent, to close at $17.13 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . |
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