Paramount Global (NASDAQ: PARA; PARAA) announced that it has agreed to sell $1.0 billion in aggregate principal amount of 6.375% fixed-to-fixed rate junior subordinated debentures due 2062 at a price equal to 100.000% of the principal amount thereof (the “Debentures”). The sale of the Debentures is expected to close on March 29, 2022, subject to customary closing conditions.
Paramount Global intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and other fees and expenses related to the offering, for general corporate purposes, including the possible repayment of existing indebtedness.
The joint structuring agents and book-running managers for the offering are BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.
The Debentures, which constitute unsecured subordinated indebtedness of Paramount Global, are expected to be rated BB+ (stable) by S&P Global Ratings, BB+ (stable) by Fitch Ratings and Baa3 (stable) by Moody’s Investors Service.*
The terms and conditions of the Debentures are set forth in a prospectus and related prospectus supplement, which can be obtained by contacting Paramount Global Investor Relations at (877) 227-0787 or by written request to Paramount Global, 1515 Broadway, 52nd Floor, New York, New York 10036, Attn: Investor Relations.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
