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Monday, October 13, 2014

Saudi Prince plans to subscribe to Euro Disney rights issue, (NYSE: DIS)

Prince Alwaleed bin Talal plans to subscribe to the 351 million-euro ($445 million) rights issue unveiled last week by Euro Disney, the cash-strapped operator of Disneyland Paris, a spokeswoman for the Saudi billionaire's investment arm said on Monday. His Kingdom Holdings, with 10 percent, is Euro Disney's second largest shareholder behind parent Walt Disney Co. , which holds 39.8 percent."I would like to confirm that Kingdom is planning to subscribe to the Euro Disney rights issue," a company spokeswoman said, confirming British media reports.Walt Disney is setting up a 1 billion-euro refinancing of which the rights issue forms a part. The refinancing will inject 420 million euro in cash into the Euro Disney group and eliminate 600 million euros of debt owed to Walt Disney via an equity swap. (1 US dollar = 0.7887 euro)

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. Shares of DIS fell by 1.15% or $-0.99/share to $85.28. In the past year, the shares have traded as low as $65.78 and as high as $91.20. On average, 5859690 shares of DIS exchange hands on a given day and today's volume is recorded at 3090980.