Disney filing shows Hong Kong park loan details

LOS ANGELES, Nov 21 (Reuters) - The Walt Disney Co (DIS.N) revealed some details on amended loan terms for its ailing Hong Kong park on Wednesday, including its waiver of management fees, as well as a previously announced deferral of royalties for fiscal 2008 and 2009.

The company also said in its 10-K annual filing that it expects to distribute about 13 feature films in fiscal 2008 under the Walt Disney Pictures, Pixar and Touchstone Pictures banners and nine films under the Miramax banner.

It listed $22.8 billion in total contractual commitments for broadcast rights for sports, feature films and other programming as of the Sept. 29 end of its fiscal year.

That total includes $1.1 billion for available programming and about $19.2 billion related to sports programming rights, primarily NFL, NBA, NASCAR, MLB and College Football.

Disney said earlier this month that two-year-old Hong Kong Disneyland, in which it holds a minority stake, had to change the terms of loans whose performance-based covenants it had not been able to meet.

Disney and the park reached an agreement with its creditors, effective Nov. 14, to remove the performance measures tied to a term loan and revolving credit facility.

The new agreement shortened the $284 million term loan maturity to Sept. 30, 2008 and decreased the available credit in the revolving facility to $103 million from $129 million.

The loan previously matured in 2015 and the revolving credit facility had been frozen after the park failed to meet attendance targets since its September 2005 opening.

In the filing, Disney said it would be paid deferred royalties "dependent upon the future operating performance of Hong Kong Disneyland."