The Walt Disney Company Announces Extension of Exchange Offers and Consent Solicitations for 21st Century Fox America, Inc. Notes
The Walt Disney Company (“TWDC”) (NYSE: DIS) announces the extension of the expiration date of the offers to exchange (the “Exchange Offers”) any and all outstanding notes (the “21CFA Notes”) issued by 21st Century Fox America, Inc. (“21CFA”) for up to $18,128,740,000 aggregate principal amount of new notes to be issued by TWDC Holdco 613 Corp. (“New Disney”, and such new notes, the “New Disney Notes”) and cash and the related consent solicitations (the “Consent Solicitations”) being made by New Disney on behalf of 21CFA to adopt certain proposed amendments (the “Proposed Amendments”) to the indentures governing the 21CFA Notes (the “21CFA Indentures”). New Disney hereby extends such expiration date from 5:00 p.m., New York City time, on January 28, 2019, to 5:00 p.m., New York City time, on February 1, 2019 (as the same may be further extended, the “Expiration Date”).
As of 5:00 p.m., New York City time, on January 17, 2019, the principal amounts of 21CFA Notes set forth in the table below had been validly tendered and not validly withdrawn:
|Title of Series/CUSIP Number of 21CFA Notes||
21CFA Notes Tendered as of 5:00 p.m. New
|6.900% Senior Notes due 2019 / 90131HAN5||$||700,000,000||$||578,515,000||82.65||%|
|5.650% Senior Notes due 2020 / 90131HAP0 / 652482BV1 / U65249AS0 / U88803AC2||$||400,000,000||$||371,095,000||92.77||%|
|4.500% Senior Notes due 2021 / 90131HAQ8||$||1,000,000,000||$||840,605,000||84.06||%|
|3.000% Senior Notes due 2022 / 90131HAR6||$||1,000,000,000||$||902,249,000||90.22||%|
|8.875% Senior Debentures due 2023 / 90131HAS4||$||250,000,000||$||193,461,000||77.38||%|
|4.000% Senior Notes due 2023 / 90131HAA3||$||300,000,000||$||278,669,000||92.89||%|
|7.750% Senior Debentures due 2024 / 90131HAT2 / 652478AR9||$||200,000,000||$||178,491,000||89.25||%|
|7.750% Senior Debentures due 2024 / 90131HAU9 / 652478AU2||$||90,000,000||$||64,912,000||72.12||%|
|9.500% Senior Debentures due 2024 / 90131HAV7||$||200,000,000||$||186,702,000||93.35||%|
|3.700% Senior Notes due 2024 / 90131HAE5 / 90131HAC9 / U88803AA6||$||600,000,000||$||571,097,000||95.18||%|
|8.500% Senior Debentures due 2025 / 90131HAW5||$||200,000,000||$||172,824,000||86.41||%|
|3.700% Senior Notes due 2025 / 90131HBW4||$||600,000,000||$||579,235,000||96.54||%|
|7.700% Senior Debentures due 2025 / 90131HAX3||$||250,000,000||$||223,268,000||89.31||%|
|7.430% Senior Debentures due 2026 / 90131HAY1||$||240,000,000||$||230,913,000||96.21||%|
|3.375% Senior Notes due 2026 / 90131HCB9 / 90131HCA1 / U88803AF5||$||450,000,000||$||427,220,000||94.94||%|
|7.125% Senior Debentures due 2028 / 90131HAZ8||$||200,000,000||$||180,319,000||90.16||%|
|7.300% Senior Debentures due 2028 / 90131HBA2||$||200,000,000||$||195,814,000||97.91||%|
|7.280% Senior Debentures due 2028 / 90131HBB0||$||200,000,000||$||192,805,000||96.40||%|
|7.625% Senior Debentures due 2028 / 90131HBC8||$||200,000,000||$||188,275,000||94.14||%|
|6.550% Senior Notes due 2033 / 90131HBD6||$||350,000,000||$||308,603,000||88.17||%|
|8.450% Senior Debentures due 2034 / 90131HBE4||$||200,000,000||$||178,442,000||89.22||%|
|6.200% Senior Notes due 2034 / 90131HBF1 / 652482BH2||$||1,000,000,000||$||935,802,000||93.58||%|
|6.400% Senior Notes due 2035 / 90131HBG9 / 90131HBH7 / U65249AM3||$||1,150,000,000||$||1,007,610,000||87.62||%|
|8.150% Senior Debentures due 2036 / 90131HBJ3||$||300,000,000||$||289,251,000||96.42||%|
|6.150% Senior Notes due 2037 / 90131HBK0||$||1,000,000,000||$||882,059,000||88.21||%|
|6.650% Senior Notes due 2037 / 90131HBL8||$||1,250,000,000||$||1,112,645,000||89.01||%|
|6.750% Senior Debentures due 2038 / 90131HBM6||$||248,740,000||$||206,403,000||82.98||%|
|7.850% Senior Notes due 2039 / 90131HBN4||$||300,000,000||$||255,743,000||85.25||%|
|6.900% Senior Notes due 2039 / 90131HBP9||$||600,000,000||$||550,646,000||91.77||%|
|6.150% Senior Notes due 2041 / 90131HBQ7||$||1,500,000,000||$||1,317,004,000||87.80||%|
|5.400% Senior Notes due 2043 / 90131HAB1||$||700,000,000||$||670,722,000||95.82||%|
|4.750% Senior Notes due 2044 / 90131HAH8 / 90131HAF2 / U88803AB4||$||600,000,000||$||573,244,000||95.54||%|
|4.950% Senior Notes due 2045 / 90131HBZ7||$||400,000,000||$||383,856,000||95.96||%|
|7.750% Senior Debentures due 2045 / 90131HBR5||$||600,000,000||$||518,751,000||86.46||%|
|4.750% Senior Notes due 2046 / 90131HCD5||$||400,000,000||$||396,623,000||99.16||%|
|7.900% Senior Debentures due 2095 / 90131HBS3||$||150,000,000||$||80,861,000||53.91||%|
|8.250% Senior Debentures due 2096 / 90131HBT1||$||100,000,000||$||51,631,000||51.63||%|
Tenders of 21CFA Notes made pursuant to the Exchange Offers (but not consents delivered pursuant to the Consent Solicitations) may be validly withdrawn at or prior to the Expiration Date.
Supplemental indentures effecting the Proposed Amendments relating to the 21CFA Notes were executed on October 22, 2018. Such supplemental indentures were valid and enforceable upon execution but will only become operative upon the settlement of the Exchange Offers and Consent Solicitations. As a result, the Proposed Amendments effected by the supplemental indentures will be deemed to be revoked retroactive to the date thereof if the Exchange Offers and Consent Solicitations are terminated or withdrawn prior to settlement.
The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated October 5, 2018 (as amended by a supplement dated October 15, 2018, the “offering memorandum and consent solicitation statement”) and the related letter of transmittal (as amended by a supplement dated October 15, 2018, the “letter of transmittal”), each as amended by the related press releases dated October 29, 2018, November 27, 2018, January 8, 2019 and as amended hereby, and are conditioned upon the closing of New Disney’s acquisition (the “Acquisition”) of Twenty-First Century Fox (“21CF”), which condition may not be waived by New Disney, and certain other conditions that may be waived by New Disney.
The settlement of the Exchange Offers and Consent Solicitations is expected to occur promptly, but at least two business days, after the Expiration Date and is expected to occur on or about the closing date of the Acquisition. The closing of the Acquisition is expected to occur in the first half of calendar year 2019 and, as a result, the Expiration Date may be further extended one or more times. TWDC currently anticipates providing notice of any such extension in advance of the Expiration Date. If, at the Expiration Date, the conditions to the Exchange Offers and Consent Solicitations (other than the consummation of the Acquisition) have been satisfied or waived, then settlement will occur on or about the date the Acquisition is consummated. If the Acquisition is not consummated, or settlement does not otherwise occur, promptly following the Expiration Date, then the 21CFA Notes will be promptly returned to the tendering holders and the Proposed Amendments will be deemed to be revoked retroactive to the date of the supplemental indentures.
Each series of New Disney Notes will have the same interest payment dates and regular record dates as the corresponding series of 21CFA Notes, provided that if the regular record date for the first interest payment date of any series of New Disney Notes would be a date prior to the settlement date, the record date for such first interest payment date will be the day immediately preceding such first interest payment date.
Except as described in this press release, all other terms of the Exchange Offers and Consent Solicitations remain unchanged.
Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to eligible holders of 21CFA Notes who complete and return an eligibility form confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws. Except as amended by press releases dated October 29, 2018, November 27, 2018, January 8, 2019 and as amended hereby, the complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the offering memorandum and consent solicitation statement and letter of transmittal, copies of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (866) 470-3900 (U.S. toll-free) or (212) 430-3774 (banks and brokers). The eligibility form is available electronically at: http://gbsc-usa.com/eligibility/disney.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offers and Consent Solicitations are being made solely pursuant to the offering memorandum and consent solicitation statement and letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.