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Walt Disney secures future of Euro Disney with €1bn refinancing
POSTED 06 Oct 2014 . BY Tom Anstey
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.

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Jobs . News . Products . Magazine
NEWS
Walt Disney secures future of Euro Disney with €1bn refinancing
POSTED 06 Oct 2014 . BY Tom Anstey
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.

RELATED STORIES
French Prime Minister breaks ground on Euro Disney's 'organic city' resort


French Prime Minister Manuel Valls yesterday afternoon (11 December) attended the breaking ground ceremony for the €700m (US$871m, £554m) Villages Nature, a joint venture between Euro Disney and Pierre & Vacances- Center Parcs Group.
MORE NEWS
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Continued impressive results from Universal's theme park division has fueled strong revenue's for Comcast's first quarter, with theme park revenues increasing by 14.5 per cent.
Three more theme parks for China as Six Flags enjoys record start to 2018
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Unesco's World Heritage Centre will this week be hosting a heritage workshop as part of its mandate to promote culture and education in Africa.
Cream of tourism crop revealed with VisitEngland's latest Awards for Excellence
VisitEngland has named the best Britain's tourism industry has to offer, announcing the winners its annual Awards for Excellence.
+ More news   
LATEST JOBS
Guest Experience Manager
SnowDome
Salary: Circa £30,000
Job location: Tamworth, UK
Games & Wristbands Manager
West Midland Safari and Leisure Park
Salary: £22,000 - £25,000
Job location: Worcs, UK
Senior Bowling Technician
NAMCO UK Ltd
Salary: Competitive Salary & Benefits
Job location: Manchester, UK
Food and Beverage Manager
NAMCO UK Ltd
Salary: Circa £23,000
Job location: Manchester, UK
Performance Assistant Team Leader
Hamburg Dungeon
Salary: Competitive Salary & Benefits
Job location: Hamburg, Germany
Retail, Admissions & Membership Manager
The Wildfowl and Wetlands Trust
Salary: £33,065
Job location: London, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
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