作者：Brian Smith 和 Michael Gambale。派拉蒙Skydance公司已启动其期待已久的投资级债券发行，这是为其收购华纳兄弟探索公司而进行的520亿美元银团债务方案中最大的一部分。
By Brian Smith and Michael Gambale Paramount Skydance Corp. has kicked off its long-awaited investment-grade bond sale, the largest portion of a syndicated $52 billion debt package for its acquisition of Warner Bros. Discovery Inc.
据一位知情人士透露，这家美国媒体巨头正在发行八个期限从两年到四十年不等的美元计价第一留置权债券。该公司希望通过此次发行筹集约320亿美元，使其成为同类发行中规模最大的之一。
The US media giant is offering first-lien US dollar-denominated bonds in eight tranches, with maturities ranging from two to 40 years, according to a person familiar with the matter. The firm is looking to raise about $32 billion from the sale, making it one of the biggest of its kind.
该人士表示，期限最长、2066年到期的债券的初始价格谈判为较美国国债收益率高出约3.65个百分点。由于未获授权公开谈论此事，该人士要求匿名。
Initial price talk for the longest-dated note, due in 2066, is a spread of about 3.65 percentage points above Treasuries, the person said, asking not to be identified because they’re not authorized to speak publicly.
派拉蒙的融资方案还包括约124亿美元等值的美元和欧元垃圾债券，以及75亿美元等值的两种货币贷款。这两项发行均在进行中。
Paramount’s financing package also includes about $12.4 billion-equivalent of junk bonds across US dollars and euros, as well as $7.5 billion-equivalent of loans in both currencies. Both offerings are underway.
这些债务在延迟数月后进入市场，且对派拉蒙而言成本更高，因为美国国债收益率飙升推高了企业的借贷成本。这些债券和贷款最初预计在年中左右出售，但在华纳交易面临诉讼后，融资被搁置，直到上周的两项和解为发行扫清了道路。
The debt is coming to market after a months-long delay and at a higher cost for Paramount, as a surge in Treasury yields has raised borrowing costs for companies. The bonds and loans were initially expected to be sold around midyear, but the financing was put on hold after the Warner deal faced litigation until two settlements last week cleared the way for the offering.