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Bond Market News
Paramount Prices $,€ Bonds
October 1, 2026
New Bond Issues
Paramount raised $30bn via an eight-tranche deal. It raised:
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The senior secured first lien notes are rated Ba1/BBB-/BBB-. Proceeds will be used to fund the merger consideration, refinance existing debt of the issuer and its subsidiaries, fund the tender offer and pay related costs.
Paramount also raised $12.4bn via a four-trancher. It raised:
- $6bn via a 5NC2 bond at a yield of 8.25%, 12.5bp inside initial guidance of 8.375% area
- $4bn via an 8NC3Y bond at a yield of 8.875% vs. initial guidance of high 8% area
- $1.4bn via a 10NC5Y bond at a yield of 9.125% vs. initial guidance of low 9% area
- €885mn via a 5NC2 bond at a yield of 7%, ~25bp inside initial guidance of 7.125-7.375% area
The senior secured second lien notes are rated B1/BB/BB. Proceeds will be used to finance the acquisition of Warner Bros. Discovery Inc and to repay existing debt.
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