Paramount Skydance plans $44.4B notes offering to fund WBD acquisition

Paramount Skydance Corporation (NASDAQ: PSKY) announced plans to offer approximately $44.4 billion in senior secured notes to help finance its previously announced acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD).

The offering includes U.S. dollar-denominated senior secured first lien notes and U.S. dollar- and euro-denominated senior secured second lien notes. The notes are being offered to qualified institutional buyers under Rule 144A of the U.S. Securities Act of 1933 and to non-U.S. persons under Regulation S.

According to the company's press release, net proceeds from the notes offerings will be used alongside cash on hand, borrowings under previously announced term loan financings, and proceeds from a previously announced equity financing. The funds are intended to cover the WBD purchase price and repay certain existing debt.

The company noted that the terms of the proposed offerings, including principal amounts, interest rates, currency denominations, and maturities, remain subject to market and other conditions. The company said consummation of the notes offerings is not a condition to closing the acquisition.

The notes have not been registered under the Securities Act or any state securities laws. The First Lien Senior Secured Notes will carry registration rights.

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