We use cookies to improve your experience. By using BondbloX, you agree to our use of cookies.
Bond Market News
Warner Bros Moves to Trim Debt Ahead of Paramount Merger
May 20, 2026
Warner Bros. Discovery.(WBD) has launched a $6.2bn leveraged loan via a syndicate of banks ahead of its merger with Paramount Skydance. The offering is structured in two tranches that have a term of 7 years each — a $5bn USD facility and a €1bn EUR portion, both priced at 275–300bp over benchmark rates at a 99-cent discount. The 7Y loans are designed to refinance part of an existing temporary credit facility. The financing comes in anticipation of WBD’s $110bn merger with Paramount Skydance, which shareholders approved in April and is expected to close in 3Q2026. Notably, the loan contains a change-of-control clause requiring full repayment upon deal close. According to sources, despite the short expected tenure, the transaction remains attractive to investors due to a six-month soft call protection at 101 cents on the dollar, meaning lenders would receive an additional 2 cents upon repayment if refinanced within that window. When WBD announced its plan to split into two independent public companies in June 2025, JPMorgan provided a $17.5bn bridge facility. That was subsequently reduced to ~$15bn through replacement financing, a portion of which the current transaction addresses. Separately, bankers are also preparing a $49bn debt package to fund the broader acquisition, and premarketing is expected to launch within weeks.
Paramount’s bonds traded stable with its 5.9% 2040s at 74.1, yielding 9.2%. WBD’s 4.279% 2032s were also stable at 91.4, yielding 6%.
For more details, click here
Go back to Latest bond Market News
Related Posts:
Sinopec Returns to the Dollar Bond Market for a Second Time in 2017
September 13, 2017
S&P Upgrades Yanlord by One Notch to ‘BB’
March 16, 2018
Our Awards
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.