Disney Raises $4 Billion in First Investment-Grade Debt Since the Pandemic

Overview

• SEC filings earlier this month detail four notes totaling $4 billion that mature between 2029 and 2036.
• Disney issued $500 million and $1 billion notes due March 14, 2029, a $1.5 billion note due March 14, 2031, and a $1 billion note due March 14, 2036.
• Shares declined following the February 10 disclosure, signaling a cautious reaction from Wall Street.
• The borrowing is small relative to Disney’s $60 billion Experiences initiative, which includes about $17 billion planned for Walt Disney World.
• Construction on announced park expansions continues, and company messaging points to heavier park spending closer to 2030 as fans debate the move online.