Euro Disney S.C.A. group improves its debt profile with the €1.3 billion refinancing of the group’s debt by The Walt Disney Company.

Euro Disney S.C.A. group improves its debt profile with the €1.3 billion refinancing of the group’s debt by The Walt Disney Company.

(Marne-la-Vallée, on 18 September 2012) – Euro Disney S.C.A., parent company of Euro Disney Associés S.C.A., operator of Disneyland® Paris, announces the refinancing Euro Disney group’s debt (excluding debt already extended by The Walt Disney Company) with new financing provided by The Walt Disney Company and two of its French subsidiaries, for an overall amount of 1,332 million euros.

The workers’ council has been consulted on the transaction and has rendered a favourable opinion thereon. In addition, the consent of all the creditors, necessary to implement the transaction, has been obtained.

The Supervisory Board of Euro Disney Associés S.C.A. met today and approved the transaction.

With this refinancing, the Group’s average interest rate on its debt decreases meaningfully and the Group benefits from greater operational flexibility by removing the restrictive covenants under existing debt agreements, notably those related to restrictions on capital expenditures. Moreover, the extended maturity of the total debt to 2030 together with a more gradual debt repayment schedule will better position the Group to invest in long-term growth and drive value for all shareholders. The transaction is expected to close on 27 September 2012.

“This refinancing will enable us to reduce our financing costs and give us greater investment and operational flexibility. This is a key step in the development of our Resort that we pursue for the benefit for all of our stakeholders. I strongly believe this will be highly beneficial to the Company, its cast members and shareholders”, declared Philippe Gas, Chief Executive Officer of Euro Disney S.A.S.

Philippe Gas added “The Walt Disney Company, with this transaction, reaffirms its continued confidence in Disneyland® Paris which has successfully become, over the past 20 years, the number one tourist destination in Europe, a growth driver of French tourism and an important ambassador of the Disney brand across Europe”

Principal terms and impacts of the refinancing
– As of September 30, 2012, the Group’s debt will amount to 1,710 million euros.

– The new financing will be composed of term loans totaling 1,232 million euros and a 100 million euros standby revolving credit facility available until September 30, 2017 and fully drawn on as part of the transaction. These two components of the new financing are unsecured and will carry a 4.0% and a EURIBOR + 2.00% rate per annum, respectively.

– The interest expense incurred by the Group will be reduced by a total of 45 million euros over the next 5 years.

– The Group will repay 217 million euros of debt principal over the next 5 years, according to a more gradual repayment schedule that will provide for 225 million euros of additional cash flow.

– For the fiscal year ended September 30, 2012, the Group will incur an additional financial charge related to the early exercise of the purchase options under the lease agreements, partially offset by a net gain on the debt extinguishment. The Group estimates the fiscal year net impact on financial charges to be an approximate 30 million euros.

– This transaction does not have any impact on the royalties due to The Walt Disney Company under the license agreement.

Enchanted Christmas at Disneyland Paris 2012

There are major changes afoot to this years Christmas season at Disneyland Paris with three of the resorts family favourites not making an appearance this year.
According to the below Press Release from the resort which has so far only been published in French (Translation via Google Translate) This year will see the cancellation of the Mickey’s Winter Wonderland show and the night-time parade Fantillusion!
Belle’s Christmas Village, located near The Old Mill in  Fantasyland also appears that it will not be making an appearance this year.
But there will be a new mini parade several times a day with Father Christmas and his elves dancing along with toys that have come to life on Main Street, USA.
MARNE-LA-VALLEE, France – November 9 2012 to 6 January 2013, Disneyland Paris is enhanced by the magic of an Enchanted Christmas. This year, the magic of Christmas is even more beautiful to celebrate the 20th anniversary in an explosion of color, light and magic. For two months, Mickey and his friends show off their finery to welcome Santa as the Christmas tree and snow take place on Main Street, USA And Christmas is even more fantastic, the day ends in apotheosis with the Lighting Ceremony of the Christmas tree and the fantastic night show Disney Dreams ®!.
Christmas magic enchants Disneyland Paris for 2 months
There is no place more magical than Disneyland Paris to celebrate the magic of Christmas with family and friends. From November 9, 2012, the festivities take place in Disneyland Park for nearly two months with wonderful gifts under the tree. The Disneyland dons its finest garlands and Christmas lights to reveal a unique and festive. Mickey and his friends put on their best party clothes to welcome Santa at Disneyland Park. Snow falls several times a day on Main Street, USA at its most beautiful Christmas music and offers visitors a happy walk in the snow.
Disney Dreams ®!, The best Christmas gift
Disneyland Paris Christmas offers its visitors with magical Disney Dreams ®!. In the scenery enchants evenings Disneyland Park and takes visitors to the heart of the most beautiful Disney Dreams. Packed full of magic, excitement and sensational special effects, it combines high-definition projections on the Château de la Belle au Bois Dormant, beautiful fountains and fire effects breathtaking. Disney Dreams ®! the spectacle is where the magic of Christmas is found in the most beautiful paintings featuring Rapunzel and Flynn Ryder, the royal couple of classic Disney or light To finish in a stunning finale. Christmas has never been so magical at Disneyland Paris!
Unique moments for a fantastic Christmas
Cavalcade of Christmas – New!
Santa and his elves have worked hard all year to make toys for children around the world and are proud to finally present them to Disneyland Paris. In a whole new parade, Santa aboard his sleigh is found surrounded by dolls, toy soldiers and lots of other toys that came to life as if by magic. Several times a day, they find themselves on Main Street, USA to dance in a joyous procession to the sound of the most beautiful Christmas music. As a surprise and never comes alone, Mickey, Minnie and their friends join the party to wish a Merry Christmas to all visitors to the top of their car, specially decorated for the occasion.
Location: Main Street, USA – Disneyland Park
The Lighting Ceremony of the Christmas Tree
The top of its 24 meters high, the majestic Christmas tree stands on Town Square is lit every evening during a magical ceremony orchestrated by Mickey and his friends. During the ceremony, a child is selected from the public and is accompanied by Mickey, Minnie, Donald and Goofy whose mission is to help illuminate the tree.

Location: Town Square – Main Street, USA – Disneyland Park

Meet Father Christmas in his village in Disneyland
This year, Santa’s workshop moved again in the heart of Disneyland Park until 25 December 2012. While his Elves help prepare the distribution of his gifts in the thousands, Santa Claus meets children and adults together to share a magical moment. Enchanted this winter season, children can also submit their list of gifts and their best wishes to the Santa Claus Post Office open until 25 December. Children will have the joy of receiving a response from Santa Claus at home a few weeks after their visit. The self-fulfilling wishes with this Christmas under the sign of the Disney magic.
Location: Santa’s Village Cottonwood Creek Ranch – Frontierland – Disneyland Park
“It’s a small world” Celebration
It’s a small world, the iconic attraction of all the Disney parks, is transformed during the Christmas season and pays tribute to the many festivities that accompany the transition from one year to another around the world. Throughout the season of Disneyland Paris Enchanted Christmas, this festive cruise turns into a magical journey where the dolls around the world celebrate the holidays in their own way at the end of the year. 
On the occasion of the Christmas season, from Scandinavia to South America, to Africa and China, many decorative elements of attraction are amended as: outside, a hat Saint Nicolas is deposited on the figure half moon half sun dominates the entrance. Above the queue, banners evoke the festivities inside, including to India Diwali, or the Festival of the Moon in Africa. Attraction in itself, stars and garlands adorn the LED elements flicker festive decorations and some scenes are modified to accommodate dolls as Saint Lucia and her crown of candles for the Scandinavian countries or Ded Moroz, Russian Father Christmas and his granddaughter Snegurochka, who also return in the final scene. With ? it’s a small world? Celebration, children and adults can take a cruise and revisited in the great tradition of the attraction!
Location: Fantasyland – Disneyland Park
Meet Santa Goofy
For the Christmas season, Dingo could not help but take his Santa suit. Perched on his sleigh, it welcomes children of all ages in Disneyland Park for a souvenir photo in Town Square.
Location: Town Square – Main Street, USA – Disneyland Park

Meet Mickey – New 20 th Anniversary!
Mouse preferred world reserve a wonderful surprise visitors to Disneyland Paris! Indeed, between rehearsals of his magic show, Mickey himself is delighted to welcome visitors to a private meeting and exclusive behind the scenes in his beautiful theatre nestled in the heart of Fantasyland. At the end of this exceptional meeting, Mickey lends itself readily to a small photo session with his fans.
Location: Fantasyland, Disneyland
To discover on 9 November 2012 to 6 January 2013, the Enchanted Christmas is the perfect time to gather with family and friends at Disneyland Paris. True escape parenthesis where happiness is the key word, the sublime Enchanted Christmas 20th anniversary in a magical atmosphere that only Disneyland Paris knows how to create.