A E40 million piece of Euro Disney changed hands last week, trading around the 82 range, according to European loan sources. It was unclear what triggered the sale this week, but the company did announce its first half results with revenues increasing to E473.8 million. Jeffrey Speed, senior v.p. and cfo of Euro Disney, said the company attempts to keep its finger on the pulse of its bank debt trading and the levels were consistent with the information the company received concerning smaller trades.
Speed noted that Euro Disney was working on a holistic restructuring of the company's financial situation. Caisse des Dépôts et Consignations is Euro Disney's largest lender, in for roughly half of the company's debt. The company has about E2.42 billion in total borrowings. The company also has two credit facilities led by Crédit Agricole Indosuez and BNP Paribas.
In March, the company was able to extend waivers it obtained from its lending group until May 31. Through the waivers, lenders agreed to forego their rights with respect to certain financial covenants and other obligations. In connection with the waiver agreements, Euro Disney increased a security deposit for the benefit of its senior lenders to E100 million. The company also reached agreements with The Walt Disney Co. in regard to a stand-by facility. Euro Disney also has a supplemental E25 million subordinated facility with Walt Disney that expires on May 31.
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