Overview
- Paramount Skydance, which on Thursday disclosed the completed syndication of its bridge loans, spread the financing across 18 banks to reduce exposure for Citi, Bank of America and Apollo.
- The company also entered permanent financing that adds a $5 billion Term Loan A and a new $5 billion revolving credit line.
- Aggregate long-term debt commitments fell to $49 billion from $54 billion, the $3.5 billion revolver was scrapped, and the existing unsecured revolver was lifted to $5 billion.
- Regulatory reviews continue, and Warner Bros. Discovery investors will vote on the merger on April 23, with the companies guiding to a third-quarter close.
- Paramount says about $24 billion in equity from Gulf sovereign funds and LionTree backs the bid, which offers WBD shareholders $31 in cash per share.