Disney (DIS) secures $9.25B in new credit facilities and amends 2024 line

Rhea-AI Filing Summary

The Walt Disney Company put new bank credit lines in place to support its short-term borrowing and general corporate needs. The company entered into an unsecured 364-day credit agreement for up to $5.25 billion, replacing a prior facility of the same size, and a new five-year credit agreement for up to $4 billion, also replacing an existing $4 billion facility.

Both agreements are guaranteed by TWDC Enterprises 18 Corp. and include a financial covenant requiring a minimum Consolidated EBITDA to Consolidated Interest Expense ratio of 3.00 to 1.00 over each four-quarter period. The 364-day facility runs to February 26, 2027, with an option to extend outstanding borrowings to February 26, 2028, while the five-year facility runs to February 27, 2031.

Borrowings can be made in multiple currencies at market benchmarks such as Term SOFR, EURIBOR, TIBOR and SONIA plus a spread tied to Disney’s public debt rating. The agreements contain customary covenants and default provisions and explicitly exclude certain entities, including Hong Kong Disneyland, Shanghai Disney Resort and FuboTV Inc., from representations, covenants and events of default. Disney also amended a separate 2024 five-year facility to add Fubo as an excluded entity.

Insights

Credit & Capital Structure Analyst

Disney refinances large bank lines, keeping liquidity capacity stable with standard covenants.

The Walt Disney Company renewed major committed bank financing, securing a $5.25 billion 364-day facility and a $4 billion five-year facility on an unsecured basis. These replace prior lines of the same sizes and support commercial paper and general corporate funding.

The facilities run to 2027 with an extension option and to 2031 for the longer agreement. Pricing is tied to benchmarks like Term SOFR and EURIBOR plus a spread based on Disney’s public debt ratings, so borrowing costs will track its credit profile and interest rate environment.

Both agreements require a minimum Consolidated EBITDA to Consolidated Interest Expense ratio of 3.00 to 1.00, providing a leverage-related safeguard for lenders. Certain park- and streaming-related entities, including Hong Kong Disneyland, Shanghai Disney Resort and FuboTV Inc., are excluded from representations, covenants and default triggers, and Fubo is similarly excluded under the amended 2024 facility.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What new credit facilities did The Walt Disney Company (DIS) enter into on February 27, 2026?

Disney entered into two unsecured bank credit agreements: a 364-day facility providing up to $5.25 billion of borrowing capacity and a five-year facility providing up to $4 billion. Both replace prior credit lines of the same sizes and support commercial paper and general corporate purposes.

What are the maturities of Disney’s new 364-day and five-year credit agreements?

The 364-day credit agreement expires on February 26, 2027, and Disney may extend outstanding advances to February 26, 2028. The five-year credit agreement runs longer, expiring on February 27, 2031, providing a multi‑year committed liquidity backstop.

How is interest determined under Disney’s new credit agreements?

Borrowings use benchmark rates by currency—Term SOFR for U.S. dollars, EURIBOR for euros, TIBOR for yen, and Daily Simple SONIA for sterling—plus a spread. The spread ranges between 0.625% and 1.000%, depending on Disney’s public debt rating, or a base rate plus zero spread for dollar base‑rate loans.

What key financial covenant is included in Disney’s new credit facilities?

Each credit agreement requires Disney to maintain a minimum ratio of Consolidated EBITDA to Consolidated Interest Expense of 3.00 to 1.00, tested over each four‑quarter period. This covenant is designed to ensure sufficient earnings relative to interest obligations under the facilities and other indebtedness.

Which entities are excluded from covenants and defaults under Disney’s new credit agreements?

The agreements specifically exclude certain entities, including those related to Hong Kong Disneyland, Shanghai Disney Resort and FuboTV Inc. These excluded entities are carved out from representations, covenants and events of default, limiting lender rights directly tied to their performance or obligations.

What change did Disney make to its existing 2024 five-year credit agreement?

Disney executed an amendment to the five‑year credit agreement dated March 1, 2024, to designate FuboTV Inc. as an Excluded Entity. This aligns the 2024 facility’s treatment of Fubo with the new credit agreements, carving Fubo out from representations, covenants and default provisions there as well.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 03/03/2026 - 04:31 PM Learn about SEC filing dates

Walt Disney Co false 0001744489 0001744489 2026-02-27 2026-02-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 27, 2026

The Walt Disney Company

(Exact name of registrant as specified in its charter)

Delaware		001-38842		83-0940635
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

500 South Buena Vista Street

Burbank, California 91521

(Address of Principal Executive Offices and Zip Code)

(818) 560-1000

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		DIS		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On February 27, 2026, The Walt Disney Company (the “Company”) entered into (i) a 364-Day Credit Agreement, among the Company, as borrower, TWDC Enterprises 18 Corp. (“TWDC Enterprises”), as guarantor, the lenders party thereto, and Citibank, N.A., as designated agent, which provides for advances to be made available to the Company in an aggregate principal amount of up to $5.25 billion (the “364-Day Credit Agreement”) and replaces the Company’s $5.25 billion 364-Day Credit Agreement, dated as of February 28, 2025, and (ii) a Five-Year Credit Agreement, among the Company, as borrower, TWDC Enterprises, as guarantor, the lenders party thereto, and JPMorgan Chase Bank, N.A., as designated agent, which provides for advances to be made available to the Company in an aggregate principal amount of up to $4 billion (the “Five-Year Credit Agreement” and together with the 364-Day Credit Agreement, the “Credit Agreements,” and each a “Credit Agreement”), and replaces the Company’s $4 billion Five-Year Credit Agreement, dated as of March 4, 2022. Each Credit Agreement is unsecured and includes a guarantee by TWDC Enterprises of the Company’s payment obligations, which guarantee is subject to release and discharge upon certain circumstances. The Credit Agreements support the Company’s commercial paper borrowings and are available for other general corporate purposes.

The 364-Day Credit Agreement will expire on February 26, 2027. The Company has the option to extend the maturity date of all or a portion of advances outstanding at the time of maturity to February 26, 2028.

The Five-Year Credit Agreement will expire on February 27, 2031.

Borrowings under the Credit Agreements bear interest, at the Company’s election, at (a) (i) for Term SOFR Advances denominated in Dollars, Term SOFR, (ii) for Advances denominated in Euro, the EURIBO Rate, (iii) for Advances denominated in Yen, the TIBO Rate, and (iv) for Advances denominated in Sterling, Daily Simple SONIA, plus, in each case, an interest rate spread based on the Company’s public debt rating that ranges between 0.625% and 1.000%, and (b) for Base Rate Advances denominated in Dollars, the Base Rate plus an interest rate spread of 0.000%. Capitalized terms used, but not defined in the immediately preceding sentence, have the meanings ascribed to each in the respective Credit Agreement. Each of the Credit Agreements also provide a mechanism to replace the interest rate benchmark if the applicable benchmark is no longer available. Advances under each Credit Agreement may be voluntarily prepaid without penalty or premium, other than customary breakage costs related to prepayments of Term SOFR, EURIBOR or TIBOR Advances.

Each of the Credit Agreements, like the former respective facilities, contains customary affirmative and negative covenants for facilities of this type, including, among others, covenants pertaining to the delivery of financial statements, notices of default and certain other information, payment of taxes, maintenance of existence, compliance with laws, and limitations on mergers. Each Credit Agreement also requires the Company to maintain a minimum ratio of Consolidated EBITDA to Consolidated Interest Expense (as such term is defined in the respective Credit Agreement) of 3.00 to 1.00 as of the last day of each period of four consecutive fiscal quarters.

Each of the Credit Agreements, as with the former respective facilities, contains default provisions customary for facilities of this type, which are subject to customary grace periods and materiality thresholds, including, among others, defaults related to payment failures, failure to comply with covenants, material misrepresentations, defaults under other material indebtedness, bankruptcy and related events, material judgments and the failure of the guaranty to be in full force and effect (other than as permitted under such Credit Agreement). Each Credit Agreement provides that if an event of default occurs under such Credit Agreement, then the lenders under such Credit Agreement may, among other things, declare all amounts owing under such Credit Agreement immediately due and payable. Each of the Credit Agreements specifically excludes certain entities, including certain entities related to Hong Kong Disneyland, Shanghai Disney Resort, and FuboTV Inc. (“Fubo”), from any representations, covenants or events of default.

In addition to the Credit Agreements, on February 27, 2026, the Company also entered into an amendment to the existing five-year credit agreement dated as of March 1, 2024, among the Company, as borrower, TWDC Enterprises, as guarantor, the lenders party thereto, and JPMorgan Chase Bank, N.A., as designated agent (the “Amendment to the 2024 Credit Agreement”, and such credit agreement, the “2024 Credit Agreement”). The Amendment to the 2024 Credit Agreement, among other things, amends the 2024 Credit Agreement to include Fubo as an Excluded Entity (as defined in the 2024 Credit Agreement).

The foregoing description of the 364-Day Credit Agreement, the Five-Year Credit Agreement, and the Amendment to the 2024 Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the 364-Day Credit Agreement, the Five-Year Credit Agreement, and the Amendment to the 2024 Credit Agreement, copies of which are attached hereto as Exhibit 10.1, Exhibit 10.2, and Exhibit 10.3, respectively, and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number		Description
10.1		364-Day Credit Agreement dated as of February 27, 2026, among The Walt Disney Company, TWDC Enterprises 18 Corp., the Lenders party thereto, and Citibank, N.A., as designated agent
10.2		Five-Year Credit Agreement dated as of February 27, 2026, among The Walt Disney Company, TWDC Enterprises 18 Corp., the Lenders party thereto, and JPMorgan Chase Bank, N.A., as designated agent
10.3		First Amendment, dated as of February 27, 2026, to the Five-Year Credit Agreement, dated as of March 1, 2024, among The Walt Disney Company, TWDC Enterprises 18 Corp., the Lenders party thereto, and JPMorgan Chase Bank, N.A., as designated agent
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Walt Disney Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 3, 2026						The Walt Disney Company
				By:		/s/ Jolene E. Negre
						Jolene E. Negre
						Deputy General Counsel – Securities Regulation, Governance and Secretary

Filing Exhibits & Attachments

6 documents

Agreements & Contracts

• EX-10.1 EX-10.1 497.2 KB
• EX-10.2 EX-10.2 577.4 KB
• EX-10.3 EX-10.3 578.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB