Euro Disney group improves its debt profile with the €1.3 billion refinancing of the group’s debt by The Walt Disney Company
(Marne-la-Vallée, on 18 September 2012) - Euro Disney S.C.A., parent company of Euro Disney
Associés S.C.A., operator of Disneyland
Paris, announces the refinancing Euro Disney group’s debt (excluding
debt already extended by The Walt Disney Company) with new financing provided by The Walt Disney Company
and two of its French subsidiaries, for an overall amount of 1,332 million euros.
The workers’ council has been consulted on the transaction and has rendered a favourable opinion thereon. In
addition, the consent of all the creditors, necessary to implement the transaction, has been obtained.
The Supervisory Board of Euro Disney Associés S.C.A. met today and approved the transaction.
With this refinancing, the Group's average interest rate on its debt decreases meaningfully and the Group benefits
from greater operational flexibility by removing the restrictive covenants under existing debt agreements, notably
those related to restrictions on capital expenditures. Moreover, the extended maturity of the total debt to 2030
together with a more gradual debt repayment schedule will better position the Group to invest in long-term growth
and drive value for all shareholders. The transaction is expected to close on 27 September 2012.
« This refinancing will enable us to reduce our financing costs and give us greater investment and operational
flexibility. This is a key step in the development of our Resort that we pursue for the benefit for all of our
stakeholders. I strongly believe this will be highly beneficial to the Company, its cast members and
shareholders.», declared Philippe Gas, Chief Executive Officer of Euro Disney S.A.S.
Philippe Gas added: « The Walt Disney Company, with this transaction, reaffirms its continued confidence in
Paris which has successfully become, over the past 20 years, the number one tourist destination in
Europe, a growth driver of French tourism and an important ambassador of the Disney brand across Europe ».