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Name | Symbol | Market | Type |
---|---|---|---|
Walt Disney CDR CAD Hedged | NEO:DIS | NEO | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.35 | -2.93% | 11.61 | 11.59 | 12.00 | 11.97 | 11.52 | 11.91 | 90,325 | 21:00:09 |
DreamWorks SKG said it completed the first phase of funding for its new motion picture company, raising $650 million of senior debt from JPMorgan Chase & Co. (JPM) and partner Reliance ADA Group.
Earlier this year, Steven Spielberg struggled to raise $325 million of debt for his new studio, illustrating the troubles Hollywood was having as it tried to finance new project during the credit crunch.
But credit restrictions have eased since then and equity markets have rebounded. DreamWorks said it completed its arrangement with JPMorgan Securities for $325 million in senior debt, which Reliance Big Entertainment, a subsidiary of Reliance ADA Group, said it would match its equity commitment dollar for dollar.
Walt Disney Co. (DIS), meanwhile, said it would also extend a loan to DreamWorks as part of the distribution deal between the companies. DreamWorks has a long-term distribution deal with Disney to market and distribute about six live-action films a year, except for India where Reliance Big Entertainment will retain distribution rights.
The debt financing was led by JPMorgan, which brought together other lenders to set up the first wave of funding, including Bank of America Corp. (BAC), Comerica Inc. (CMA) and Wells Fargo & Co. (WFC).
"This will allow us to move ahead quickly into production with our first group of films," said Stacey Snider and Spielberg. The first release under Disney's Touchstone banner is expected in 2010.
- By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com
1 Year Walt Disney CDR CAD Hedged Chart |
1 Month Walt Disney CDR CAD Hedged Chart |
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