Here are the 424B prospectus supplements from Walt Disney Company (DIS) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow DIS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DIS filings page.
The Walt Disney Company is issuing $4.0 billion of senior unsecured notes in four tranches: $500 million floating-rate notes due 2029, $1.0 billion 3.750% notes due 2029, $1.5 billion 4.000% notes due 2031 and $1.0 billion 4.625% notes due 2036, all guaranteed by TWDC Enterprises 18 Corp.
The floating-rate notes pay Compounded SOFR plus 0.47% with quarterly payments, while the fixed-rate notes pay semi-annually. Disney expects net proceeds of about $3,972,755,000 after underwriting discounts and plans to use the funds for general corporate purposes.
The notes rank equally with Disney’s other unsecured, unsubordinated debt but are structurally subordinated to obligations at most subsidiaries. The fixed-rate notes are redeemable at Disney’s option, while the floating-rate notes are not. Investors face interest-rate, liquidity and SOFR benchmark transition risks highlighted in the risk factors.
The Walt Disney Company is offering new senior unsecured notes in a primary debt offering, including both floating rate and fixed rate tranches. The floating rate notes will pay interest based on Compounded SOFR plus a spread, with interest paid quarterly, and will not be redeemable at Disney’s option.
The fixed rate notes will pay a stated annual coupon with semi-annual interest and may be redeemed early at Disney’s option at a make-whole price tied to a U.S. Treasury rate. All notes are senior unsecured obligations of Disney and are fully and unconditionally guaranteed on a senior unsecured basis by its 100%-owned subsidiary TWDC Enterprises 18 Corp.
The notes rank equally with Disney’s other unsecured, unsubordinated debt and are structurally subordinated to liabilities at non-guarantor subsidiaries. Disney expects to receive net proceeds, after underwriting discounts, and intends to use them for general corporate purposes.