Paramount Skydance launches $2.4B cash tender & $12.8B exchange offers for WBD notes

Paramount Skydance Corp

Commenced Tender Offers for up to $2.4B of WBD notes for cash and Exchange Offers for up to $12.8B of WBD notes for new PSKY notes.
Offers conditioned on closing of Paramount's acquisition of WBD and receipt of consents for indenture amendments.
Plans to issue $39.5B first-lien and $12.4B second-lien secured debt to replace bridge commitments; targets net debt/EBITDA below 3.75x by FY2028 and 3.0x by FY2029.
Expects ~30% of over $6B synergies within first year post-close, ~70% by second year, full run-rate by third year.
Provided unaudited pro forma condensed combined financial statements reflecting the acquisition and related transactions.

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