Disney Issues $4B Investment-Grade Notes, First Since 2020 (DIS)

Walt Disney Co. (DIS) is pricing a $4 billion investment-grade debt offering, its first since 2020, amid record fundraising. The transaction, split into four tranches, is expected to close Tuesday, with the 2036-maturity portion pricing 0.58 percentage point above Treasuries versus initial 0.85. Proceeds will primarily be used to repay maturing debt and support liquidity for strategic investments and shareholder returns. The company has $2.6 billion of bonds and loans due this year. The offering includes eight U.S. investment-grade notes totaling $11.3 billion, following Alphabet’s $20 billion deal that attracted over $100 billion in demand. Bookrunners include BNP Paribas, Citigroup, Deutsche Bank, JPMorgan, Sumitomo Mitsui Banking, and U.S. Bancorp. S&P and Moody’s anticipate ratings of A and A2, respectively.