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This excerpt taken from the DIS 10-K filed Dec 7, 2005. Euro Disney – Credit facilities and
other. Pursuant to Euro Disney’s
original financing with a syndicate of international banks and
the terms of a 1994 financial restructuring, Euro Disney
borrowed funds which are secured by certain fixed assets of
Disneyland Resort Paris and the underlying land. The majority of
the loans bear interest at EURIBOR plus 3% (5.18% at
October 1, 2005). The loans mature between fiscal years
2008 and 2013. The impact of the restructuring effective
February 23, 2005 on the credit facilities included the
deferral of certain principal payments for 3.5 years, with
the final maturity of the loans remaining unchanged. In return
for these concessions, the interest rate was increased to
EURIBOR plus 3% (from EURIBOR plus amounts ranging from 0.84% to
1.00%) and
€96 million
($116 million at October 1, 2005 exchange rates) of
principal was prepaid effective February 23, 2005 using
debt security deposits (see Note 4).
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