Walt Disney Credit Agreement

While the coronavirus (COVID-19) pandemic isn`t going away anytime soon and the Walt Disney Company is still facing an uncertain financial future, the company has secured a new line of credit of up to $5 billion, according to Seeking Alpha. Citibank N.A. served as the designated agent for the deal, Walt Disney said. Others have also exploited the debt market or invoked revolving credit facilities as a nest against the severe economic impact and unknown duration of the coronvirus, having acknowledged in SEC filings that the spread of the virus has a significant negative impact on their business and that the extent and duration of the coup are still impossible to estimate. Fox Corp. last closed sales of $1.2 billion worth of senior tickets last week. Comcast sold $6 billion worth of senior tickets and $2.5 billion worth of ViacomCBS. In a new SEC filing, Disney announced Monday that it only entered into a 364-day credit agreement with Citibank for up to $US 5 billion last Friday, with the possibility of extending the term beyond April 9, 2021, if lenders agree. These credit deals add to a topic where Disney`s theme parks and resorts are currently closed around the world to prevent the spread of COVID-19.