Netflix secures $25B in credit facilities to finance Warner Bros. Discovery acquisition

NETFLIX INC

$5B unsecured revolving credit facility entered Dec 19, 2025; matures up to 2030.
$20B unsecured delayed draw term loan: $10B two-year and $10B three-year tranches.
Proceeds to pay cash portion of merger price and fees under the WBD Merger Agreement.
New facilities replace bridge commitments from Dec 4, 2025 on a dollar-for-dollar basis.
Covenants include minimum consolidated EBITDA/interest expense ratio of 3.0x.

item 1.01item 2.03item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.