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Markets


DISNEY DISTRICT REASSURES INVESTORS ON BONDS IN DESANTIS FIGHT


The Magic Kingdom Park in Walt Disney World.Photographer: Matt Stroshane/Walt
Disney World Resort/Getty Images
By

Danielle Moran

+Follow
April 21, 2022, 3:12 PM GMT


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The special district that encompasses Walt Disney Co.’s Florida resort assured
investors their debt is going to be paid and said it’s exploring various options
as the state legislature is poised to pass a bill that could dissolve the
issuer. 

The Reedy Creek Improvement District, where the Disney World theme park and
resort are based, reminded bond holders that Florida has pledged to fulfill the
terms of any agreement made with holders of district bonds and will not in any
way “impair the rights and remedies” of holders, according to a filing posted
Thursday to the Municipal Securities Rulemaking Board EMMA website.




Florida’s Republican-controlled house will vote Thursday on a measure to strip
Disney of its self-governance privileges in the state, escalating a feud between
Governor Ron DeSantis and the entertainment giant. The legislation could lead to
the dissolution of Reedy Creek, created in 1967 to allow Disney to carry out
certain municipal functions on its own. The district has about $1 billion of
municipal bonds outstanding, according to data compiled by Bloomberg. 




“In light of the State of Florida’s pledge to the District’s bondholders, Reedy
Creek expects to explore its options while continuing its present operations,”
the filing said. This includes “paying debt service on its ad valorem tax bonds
and utility revenue bonds, complying with its bond covenants and operating and
maintaining its properties.” 

Related: Disney-DeSantis Battle Stings Muni Debt From Special District, DeSantis
Rush to Battle Disney Begs $1 Billion Debt Question (1)

— With assistance by Amanda Albright





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