Bankers will begin marketing roughly $49bn of debt to back Paramount’s $110bn
acquisition of Warner Bros. Discovery after litigation tied to the deal was
settled, people familiar with the matter said. Bank of America, CITIGROUP and
Apollo Global Management previously underwrote one of the largest leveraged
buyout debt packages on record and drew strong investor interest before the deal
was paused. With the transaction now cleared to close, bankers plan to start
sales in the coming weeks. The financing package is split roughly into $30bn of
investment-grade bonds, a $7.5bn investment-grade loan and about $12bn of
subordinated bonds, with a broader investor target than a typical LBO, covering
dollar and euro investors.
