Paramount Global holders tender $467.54 million of 4.75%, 3.45% notes

By Angela McDaniels

Tacoma, Wash., Nov. 9 – Paramount Global received tenders for $467,544,000 principal amount of notes in its cash tender offers for any and all of two series of notes, according to a company news release.

Holders tendered $429,377,000 principal amount of the company’s $555 million outstanding 4.75% senior notes due 2025 and $38,167,000 principal amount of its $124.19 million outstanding 3.45% senior notes due 2026.

In addition, holders tendered $10,323,000 principal amount of 4.75% notes under the guaranteed delivery procedures.

The offers began on Nov. 2, priced at 2 p.m. ET on Nov. 9, expired at 5 p.m. ET on Nov. 9 and will settle on Nov. 15.

The purchase price for the 4.75% notes is $987.06, based on the 2.75% U.S. Treasury note due May 15, 2025 plus a spread of 50 basis points.

The purchase price for the 3.45% notes is $922.14, based on the 4.625% U.S. Treasury note due Oct. 15, 2026 plus a spread of 170 bps.

The company said it expects to accept all of the tendered notes for purchase.

Maximum offers

The company also offered to purchase an amount of three series of notes equal to $1 billion less the total purchase price of the notes tendered under the any-and-all offers. These offers will expire at 5 p.m. ET on Dec. 4.

The following series are covered by the maximum offers:

• $800 million outstanding 4% senior notes due 2026, for a total purchase price that will be based on the 4.625% U.S. Treasury note due Oct. 15, 2026 plus a spread of 120 bps;

• $700 million outstanding 2.9% senior notes due 2027, for a total purchase price that will be based on the 4.875% U.S. Treasury note due Oct. 31, 2028 plus a spread of 195 bps; and

• $500 million outstanding 3.375% senior notes due 2028, for a purchase price that will be based on the 4.875% U.S. Treasury note due Oct. 31, 2028 plus a spread of 240 bps.

For each series covered under the maximum offers, the total purchase price will include an early tender premium of $30 per $1,000 principal amount, paid only to holders who tender their notes by 5 p.m. ET on Nov. 16, which is also the withdrawal deadline for that offer.

Pricing for the maximum offers will take place at 10 a.m. ET on Nov. 17. Early settlement is slated for Nov. 21 and final settlement for Dec. 6.

Holders of all notes tendered and accepted under the offers will also receive payment of accrued interest.

Details

RBC Capital Markets, LLC (212 618-7843, 877 381-2099 or at liability.management@rbccm.com), SMBC Nikko Securities America, Inc. (888 284-9760 or liabilitymanagement@smbcnikko-si.com), TD Securities (USA) LLC (212 827-2842, 866 584-2096 or LM@tdsecurities.com) and Wells Fargo Securities, LLC (704 410-4756, 866 309-6316 or liabilitymanagement@wellsfargo.com) are the dealer managers.

Global Bondholder Services Corp. (855 654-2015, 212 430-3774 or contact@gbsc-usa.com.) is the tender agent.

The media and entertainment company, formerly called ViacomCBS Inc., is based in New York.

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