In a statement, Walt Disney Co stated, it has entered into an unsecured credit agreement for $5 billion. The deal comes at a time when companies across industries are scrambling to bolster their liquidity to cope with the fallout of the coronavirus crisis.
With cities under lockdown, Disney’s theme parks business has taken a severe hit.
In a regulatory filing, Disney said, the credit agreement, which has terms similar to the one it entered into in March 6, will mature on April 9, 2021.
Disney stated, the funds could be used for day to day operations.
The credit agreement could be extended for another year if the lender agrees, said Disney.
Citibank N.A. served as the designated agent for the agreement, said Walt Disney.