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$30B ATT/Discovery 11-Pt Mega-Deal Launched, Weighing on Tsys

PIPELINE
Size of deal -- while estimated around $30B earlier (see 1158ET bullet), size of mega-deal weighing on Tsys -- new session lows.
  • Date $MM Issuer (Priced *, Launch #)
  • 03/09 $30B Magallanes, Inc* 11Pt Jumbo: $1.75B 2Y +175, $500M 2Y NC1 +185, $500M 2Y FRN/SOFR+178, $1.75B 3Y +180, $500M 3Y NC1 +195, $4B 5Y +190, $1.75B 7Y +215, $5B 10Y +235, $4.5B 20Y +265, $7B 30Y +280, $3B 40Y +305
  • 03/09 $500M #Public Service Electric & Gas 10Y +120

* Magallanes, Inc related to ATT/Discovery deal main focus in corporate spheres today. In early February, ATT announced early they would spin off WarnerMedia in a $43 billion transaction to merge media properties with Discovery. Today's 11-part mega-deal: Magallanes, Inc (aka Spinco -- wholly owned T sub under a registration statement filed last Nov) will converts automatically after the divestiture to WarnerMedia Business.

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