Bank of America Co-Leads $15 B Loan at 2.5% Margin, Plans $50 B Debt Raise
BAC•Bank of America is part of a JPMorgan-led syndicate setting final terms on Warner Bros. Discovery’s $15 billion investment-grade loans—$13 billion and €1.72 billion—priced at 99.75 cents with a 2.5% margin, upsized from $10 billion to refinance a $15 billion bridge facility. BAC and Citigroup are also preparing to raise about $50 billion in high-grade bonds, junk bonds and loans to fund the $110 billion Paramount Skydance acquisition.
1. $15 B Loan Syndication Details
A JPMorgan-led bank group, including Bank of America, finalized terms on Warner Bros. Discovery’s $15 billion investment-grade loan package—comprising $13 billion and €1.72 billion tranches—priced at 99.75 cents with a 2.5% margin over benchmark. The facility was upsized from $10 billion to refinance an existing $15 billion bridge loan ahead of the company’s pending sale to Paramount Skydance.
2. $50 B Debt Raise for Paramount Deal
Bank of America and Citigroup are preparing to underwrite approximately $50 billion of debt to support the $110 billion Paramount Skydance acquisition. Initial investor discussions outline roughly $30 billion of high-grade bonds, $12 billion of junk bonds and $7.5 billion of syndicated loans, reflecting strong demand for large corporate credit issuances.
