Paramount Skydance has syndicated its bridge loan facility and secured permanent financing from a group of banks for its planned $111 billion acquisition of Warner Bros. Discovery.

In a Thursday filing with the Securities and Exchange Commission, Paramount said its bridge facility backing the Warner Bros. deal was sold to a group of 18 banks and its debt obligations are now $49 billion, down from $54 billion previously.

The company also entered into a standing credit agreement with the bank group including $5 billion in term loan As, the most senior in the loan, and a new $5 billion revolving credit facility. A separate $3.5 billion credit facility was written off, the filing noted.

The loans are backed on a first-lien basis by all of Paramount’s assets, including Paramount Global, Skydance Media and Warner Bros., after the closing of the merger.

“Our successful debt syndication and new debt facilities are an important milestone toward completing our acquisition of Warner Bros. Discovery,” Paramount Chief Strategy Officer and Chief Operating Officer Andy Gordon said in a written statement.

Paramount and Warner Bros. announced their deal in February after a heated bidding war involving Netflix. They expect the deal to close in the third quarter after regulatory approvals. The financing for the deal is expected to be one of the largest debt packages this year. The post-merger entity will have net debt of just $80 billion, Paramount said in March. Paramount had $10.36 billion in net debt and Warner Bros. had $29 billion at the end of last year.