EURO DISNEY S.C.A. * Euro Disney Announces Unanimous Lender Approval of Amended Memorandum of
Agreement
(Marne-la-Vallée, September 28, 2004) Euro Disney S.C.A., operator of
Disneyland Resort Paris, reported today that its lenders have unanimously
approved an amended Memorandum of Agreement ("MOA"), which is largely the same
as the MOA signed by the Company, The Walt Disney Company and Caisse des Dépôts
et Consignations and approved by the Steering Committee of the Company's other
lenders on June 8, 2004. The changes effected by the amended MOA include the
following significant items: * the interest rates on approximately Euro 450 million of the Company's senior
debt will be increased by approximately two percentage points;
* final repayment date on certain senior debt will be extended to 2012,
instead of 2014;
* the Company has obtained an additional Euro 30 million of permanent
concessions related to certain subordinated debt.
The terms of the MOA will be effective October 1, 2004, although the agreement
will remain subject to certain regulatory and other approvals, final legal
documentation and the completion of a Euro 250 million equity rights offering by
March 31, 2005.
Along with the approval of the MOA, the lenders extended until December 1, 2004
a waiver of certain covenant violations related to fiscal year 2003 and granted
a waiver for certain potential fiscal year 2004 covenant violations. Such
waivers are intended to allow time for finalization of legal documentation,
which is contemplated to include covenant waivers until completion of the
rights offering.
André Lacroix, Chairman and Chief Executive Officer of Euro Disney S.A.S.,
said: "Today's announcement is a significant step towards further developing the
magic of Disneyland Resort Paris. This agreement paves the way for exciting new
rides and attractions that will entertain and delight our guests. We appreciate
the commitment of The Walt Disney Company in achieving this major milestone and
their ongoing creative energies that help make Disneyland Resort Paris the
number one tourist destination in Europe." Jeffrey R. Speed, Chief Financial Officer of Euro Disney S.A.S., said: "We are extremely pleased to have obtained the unanimous consent of our lenders
to the MOA. Once implemented, the agreement will provide significant liquidity,
including measures intended to mitigate the adverse impact of business
volatility, as well as capital to invest in exciting new rides and attractions
that are essential to our long-term growth." Corporate Communication Investor Relations Philippe Marie Sandra Picard-Ramé Tel: +331 64 74 59 50 Tel: +331 64 74 56 28 Fax: +331 64 74 59 69 Fax: +331 64 74 56 36 e-mail: philippe.marie@disney.com e-mail: sandra.picard@disney.com See www.eurodisney.com for a copy of the MOA and its amendments and other
Financial Information Code ISIN: FR0000125874 Code Reuters: EDL.PA Sicovam: 12 587 Code Bloomberg: EDL FP Euro Disney S.C.A. and its subsidiaries operate the Disneyland Resort Paris
which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels
with approximately 5,800 rooms (excluding 2,033 additional third-party rooms
located on the site), two convention centres, Disney Village, a dining,
shopping and entertainment centre, and a 27-hole golf facility. The Group's
operating activities also include the management and development of the
2,000-hectare site, which currently includes approximately 1,000 hectares of
undeveloped land. Euro Disney S.C.A.'s shares trade in Paris (SRD), London and
Brussels.
Management believes certain statements in this press release may constitute
"forward-looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These statements are made on the basis of
management's views and assumptions regarding future events and business
performance as of the time the statements are made. Actual results may differ
materially from those expressed or implied. Such differences may result from
actions taken by the Company, as well as from developments beyond the Company's
control, including changes in political or economic conditions. Other factors
that may affect results are identified in the Company's documents filed with
the U.S. Securities and Exchange Commission.
This press release is not an offer to sell nor a solicitation to buy any
securities in the rights offering and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or
sale is unlawful. The rights offering will be made only by means of an offering
document complying with the applicable securities laws of the jurisdiction or
jurisdictions in which such rights offering shall be made. The securities
offered in the rights offering have not been and will not be registered under
the United States Securities Act of 1933 and may not be offered or sold in the
United States or in any other jurisdiction absent registration, an applicable
exemption from registration requirements or qualification under the applicable
securities laws of such jurisdiction.
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