Banks led by Citigroup Inc. have attracted about $11.5 billion of investor orders for the roughly $7.5 billion of loans to help fund Paramount Skydance Corp.’s acquisition of Warner Bros. Discovery Inc., paving the way to get the syndication over the finish line. Investors have placed more than $10 billion of orders for the $6.5 billion US dollar portion of the offering, according to people familiar with the matter. The $1 billion euro-equivalent tranche has attracted roughly €1.35 billion ($1.5 billion) of demand, the people said, asking not to be identified because they’re not allowed to speak publicly. The lenders are also considering moving the deadline earlier than the initial target of Wednesday, the people said.

The leveraged loans are part of a $52 billion financing package — the largest for a merger or acquisition in 2026 — that also includes $32 billion of investment-grade debt and $12.4 billion-equivalent of junk bonds. Citigroup, along with Bank of America Corp. and Apollo Global Management Inc., underwrote financing for the Warner deal earlier this year. The loans are being offered at margins of as much as three percentage points above benchmark rates and at 99.5% of face value.

The banks have also drawn about $15.6 billion of orders for Paramount’s junk bonds, the bulk of them for the US dollar tranches, according to the people. Investors had indicated more than $23 billion of demand as of Monday, but interest has eroded after pricing discussions, the people added. A 10-year US dollar note is being pitched at a yield of about 9%, one of the people said. That compares with a 7% average for similarly-rated outstanding bonds tracked by a Bloomberg index. Citigroup, Bank of America and Paramount either declined to comment or didn’t respond to requests for comment.