Paramount Global prices tender considerations for notes due 2026, 2027

Chicago, Nov. 17 – Paramount Global priced the tender considerations for the two series of notes from which company is accepting notes, relating to the three-series offer to buy back up to $540,922,623.28 purchase price, according to a press release.

The company will pay:

• $963.18 per $1,000 note for the $453,312,000 tendered and accepted principal amount of the company’s $800 million outstanding 4% senior notes due 2026 (Cusip: 124857AQ6); and

• $901.25 per $1,000 note for the $115,729,000 accepted from $244,249,000 tendered principal amount of $700 million outstanding 2.9% senior notes due 2027 (Cusip: 124857AR4).

As reported Thursday, no notes will be accepted from the tendered $105,079,000 principal amount of its $500 million outstanding 3.375% senior notes due 2028 (Cusip: 124857AT0).

The company received tenders for $802.64 million combined principal amount, according to a company news release.

The offer is scheduled to end at 5 p.m. ET on Dec. 4, but because it is fully subscribed, Paramount does not expect to accept for purchase any notes tendered after the early tender deadline.

The considerations were priced at 10 a.m. ET on Nov. 17.

Early settlement will occur on Nov. 21.

Pricing for the 4% notes was based on the 4.625% U.S. Treasury note due Oct. 15, 2026 plus a spread of 120 bps.

Pricing for the 2.9% notes was based on the 4.875% U.S. Treasury note due Oct. 31, 2028 plus a spread of 195 bps.

Pricing for the 3.375% notes was going to be based on the 4.875% U.S. Treasury note due Oct. 31, 2028 plus a spread of 240 bps.

Each total purchase price includes an early tender premium of $30 per $1,000 principal amount.

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

The maximum purchase price is equal to $1 billion less the total purchase price of two series of notes tendered under an any-and-all tender offer that ended on Nov. 9.

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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