Skydance Corporation, the merged company of Paramount and Warner Bros. Discovery, saw its debt increase by US$66.78 in October, making it the largest corporate issuer of the month and the third largest of the past 12 months.
The issuance is split across euro- and US dollar-denominated senior secured notes, alongside
On the US dollar side, US$41.4 billion has been issued in senior secured notes across eight tranches of first lien notes and three tranches of second lien dollar notes.
The first lien notes are divided into US$3.5 billion (6.30% due 2028), US$3.5 billion (6.55%, due 2029), US$6.5 billion (7.05% due 2031), US$5.25 billion (7.55% due 2033), US$5.25 billion (7.90% due 2036), US$1.25 billion (8.65% due 2046), US$3.5 (8.75% due 2056), and US$1.25 billion (8.90% due 2066).
Second lien notes are divided between US$6 billion (8.250% due 2031), US$4 billion (8.875% due 2034) and US$1.4 billion (9.125% due 2036).
A further €885 million has been issued in second lien notes, with a 7.000% coupon and due 2031.
Net proceeds are expected to contribute towards Skydance’s acquisition of Warner Bros Discovery and the repayment of existing debt.
The acquisition has been one of the largest of the year so far.
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Over the last 12 months, Amazon has been the top corporate debt issuer globally. It currently holds US$142.37 billion in debt, with US$25 billion issued in July.
READ MORE: Amazon issues bumper debt offering
Alphabet is holding steady in second place, its August issuance of US$24.15 billion taking its notional debt to US$107.7 billion.
READ MORE: Alphabet leads August issuance race
Skydance concurrently announced senior secured incremental term B loans, split between US$8.5 billion and €850 million.
Fitch Ratings downgraded the credit ratings of Paramount Skydance Corporation and Paramount Global from BB+ to BB following its acquisition of Warner Bros on 5 October, a decision it attributes to materially higher leverage, concerns of the company’s ability to achieve its planned synergies, and “significant execution and integration risks”.
S&P Global Ratings took Skydance’s credit rating from BB+ to BB in September due to increased leverage. Moody’s has held steady with a Ba3 corporate family rating.
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