The company will move to the NYSE under the ticker SKYD as it completes its purchase of Warner Bros. Discovery. Pricing documents show coupons running from 6.30% to 9.125%.
Equity · FinancialMarkets.com · October 2, 2026 · Tickers: PSKY, WBD
The company that will own Warner Bros. Discovery is changing its name and its exchange, and its lenders have now set what it will pay.
Paramount Skydance said in a filing Friday that its name change to Skydance Corporation takes effect Oct. 6, the scheduled closing date of the Warner Bros. Discovery acquisition. The company, which announced its move to the New York Stock Exchange on Sept. 25, expects its shares to trade there under the ticker SKYD from about the open that day.
What it borrowed
Pricing terms released late Wednesday show how the deal is financed. The company priced $41.4 billion and €885 million of senior secured notes. First-lien coupons run from 6.30% on notes due 2028 to 8.90% on notes due 2066. Second-lien coupons run as high as 9.125%, on notes due 2036. The notes are expected to settle on Oct. 5.
Alongside the bonds, it priced an $8.5 billion U.S. dollar term loan B, increased from $7.5 billion, at the secured overnight financing rate plus 2.75 percentage points and issued at 99.75 cents on the dollar, and an €850 million euro term loan. Both mature in 2033.
The dollar notes and dollar loan total $49.9 billion. The two euro tranches, €1.735 billion together, add roughly $2 billion, for a total near $52 billion.
The coupon ladder
The spread of coupons shows what lenders charged for time and for rank. Two-year money costs 6.30%. Forty-year first-lien money costs 8.90%. Second-lien debt, which ranks behind it, carries coupons up to 9.125% on a 10-year tranche. The loan's floating rate means part of the interest bill will rise or fall with short-term rates.
The term loan was increased by $1 billion, with an equal reduction in the notes.
The shares
Paramount Skydance's Class B shares traded near $9.23 on Friday afternoon, down about 1.2%, after falling nearly 10% on Thursday. Warner Bros. Discovery traded near $30.95.
Holders of record on Oct. 5 are due one Class B warrant per share, payable Oct. 13 and contingent on the merger closing.
After the close
Monday's settlement of the notes and Tuesday's first session as SKYD are the immediate milestones. The first quarterly report as a combined company will show interest expense against operating cash flow, the ratio that will decide how lenders price the next issue.