The tender and exchange offers, which expired on October 6, drew significant participation from bondholders. Approximately 98.83% of the aggregate principal amount of existing tender offer notes were validly submitted for cash purchase, while 99.15% of exchange offer notes were tendered for new Skydance securities. These moves allow the newly merged media giant to clean up the balance sheets inherited from Discovery Global Holdings and Discovery Communications.
Skydance Finalizes Debt Restructuring Following Warner Bros. Discovery Merger
Number lead: Skydance Corporation has secured participation from nearly 99% of creditors in its massive debt exchange and tender offers, marking a critical financial milestone in the company’s completed acquisition of Warner Bros. Discovery. The settlement, which covers billions in legacy notes, is scheduled to finalize on October 9.
Accepted notes will be retired and cancelled, effectively removing them as outstanding obligations of the legacy WBD entities. Holders who participated in the tender process will receive cash consideration based on fixed spreads over U.S. Treasury yields, plus accrued interest. The exchange offers, meanwhile, provide creditors with new Skydance-issued notes, consolidating the debt profile of the combined organization. Any notes not submitted by the expiration deadline will remain active obligations under their original terms.
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