Paramount Skydance Corporation (NASDAQ: PSKY) announced plans to raise over $41 billion through senior secured notes offerings and an $8.5 billion term loan facility, with proceeds intended to fund its acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD).

The company agreed to sell multiple tranches of first lien senior secured notes ranging from 6.30% to 8.90% in interest rates, with maturities spanning from 2028 to 2066. Combined, these first lien notes total $30 billion. The company also agreed to sell second lien senior secured notes totaling $11.4 billion and €885 million, carrying interest rates between 8.25% and 9.125%, with maturities in 2031, 2034, and 2036. The notes sale is expected to close Oct. 5, 2026, subject to customary closing conditions.

Separately, Paramount Skydance priced an incremental Term Loan B facility consisting of an $8.5 billion U.S. dollar tranche, increased from a previously announced $7.5 billion, and a €850 million euro-denominated tranche. The dollar tranche will be issued at 99.75% of face value and will bear interest at Term SOFR plus 2.75% per annum. The euro tranche will be issued at par and will bear interest at EURIBOR plus 2.75% per annum. Both tranches mature in 2033.

The company stated it intends to use net proceeds from the notes, along with cash on hand, term loan borrowings, and previously announced equity financing, to finance the purchase price of the WBD acquisition and repay certain existing debt. The notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and have not been registered under the U.S. Securities Act of 1933. The first lien notes will carry registration rights.

Consummation of the notes offerings is not a condition to the completion of the WBD acquisition.