Warner Bros. Prices $15 Billion Loan Deal Amid High Demand (1)

Warner Bros. Discovery Inc. priced $15 billion of investment-grade loans on Wednesday, as the media company refinances debt ahead of its pending acquisition by Paramount Skydance Corp.

The tranches of $13 billion and €1.72 billion ($2 billion) have margins 2.5 percentage points above benchmark and were issued at 99.75 cents, according to a person familiar with the matter who asked not to be identified.

Price talk was tightened earlier Wednesday on the loans, as investor appetite for corporate credit allows borrowers to set favorable terms. That came a day after the deal was upsized for a second time, from ...