Walt Disney secures future of Euro Disney with €1bn refinancing
by Tom Anstey | 06 Oct 2014
Walt Disney is backing the €1bn refinancing of the Paris theme park / Disney
Euro Disney has agreed a €1bn (US$1.2bn, £785m) restructuring of debt, with the Paris-based theme park receiving backing from its largest shareholder – Walt Disney.
Walt Disney owns 39.8 per cent of the park’s shares, with a further 10 per cent in the hands of Saudi tycoon Prince Alwaleed. The third-largest investor is Invesco, which owns a 5 per cent stake in Euro Disney.
Euro Disney has said that it will embark on a €420m (US$527m, £329m) rights issue open to all investors, backed by Walt Disney, which will improve the financial state of the park by €250m (US$314m, £196m).
In addition, around €600m (US$753m, £470m) of the group's debt owed to Walt Disney will be converted into equity, while credit lines extended to Euro Disney by its parent will also be consolidated.
Following the announcement, shares which started the day at €3.46 saw a sharp fall to €2.91 and bottomed out at €2.71, before stabilising at around €2.77.
The park’s refinancing comes despite estimates from Euro Disney that the new Ratatouille attraction which opened in July would boost finances by €32m (US$40m, £25.1m).
Euro Disney is still Europe’s most-visited tourist attraction, though attendance last year slipped by 6.9 per cent to 14.9 million visitors, with French visitors making up 51 per cent of guests.
Euro Disney’s next major boost is expected to come in 2016, when it will open a new leisure complex, Villages Nature – a sustainable vacation destination concept in partnership with holiday apartment rental company Pierre et Vacances.
Euro Disney has agreed a €1bn (US$1.2bn, £785m) restructuring of debt, with the Paris-based theme park receiving backing from its largest shareholder – Walt Disney. Walt Disney owns 39.8 per cent of the park’s shares, with a further 10 per cent in the hands of Saudi tycoon Prince Alwaleed. The third-largest investor is Invesco, which owns a 5 per cent stake in Euro Disney. Euro Disney has said that it
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