fbpx
Big Law

Discovery Raises $30 Billion in a Debt Sale to Pay For the WarnerMedia Merger

Discovery on Wednesday priced $30 billion in senior unsecured notes in a debt offering to raise cash for its merger with WarneMedia.

The sale of the notes — in 11 traches with a span of maturities and interest rates — is expected to be completed on or about March 15. The cash is being raised by one entity created within A&T, and net proceeds will be used by another, called Spinco, to fund a special cash payment to the telco giant. The notes will initially be guaranteed by AT&T then, post-merger, by the new Warner Bros. Discovery and its subsidiaries.

The offering is one of the biggest in corporate history, and was said to be oversubscribed.

Read the source article at Deadline

Leave a Review or Comment

Back to top button