NETFLIX INC (NFLX): debt financing — 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 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

NETFLIX INC incurred term loan of $10,000,000,000 with Wells Fargo Bank, National Association.

Instrument: term loan
Principal: $10,000,000,000
Counterparty: Wells Fargo Bank, National Association
Event: incurrence

Exact text from the filing

Netflix entered into a Senior Unsecured Delayed Draw Term Loan Credit Agreement (the “DDTL Credit Agreement”) with the lenders party thereto and Wells Fargo Bank, National Association, as the administrative agent. The DDTL Credit Agreement provides for a two-year $10,000,000,000 unsecured delayed draw term loan credit facility

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

NETFLIX INC incurred revolving credit of $5,000,000,000 with Wells Fargo Bank, National Association at Term SOFR Rate plus an applicable margin maturing December 19, 2030.

Instrument: revolving credit
Principal: $5,000,000,000
Counterparty: Wells Fargo Bank, National Association
Rate: Term SOFR Rate plus an applicable margin
Maturity: December 19, 2030
Event: incurrence

Exact text from the filing

Netflix entered into a Senior Unsecured Revolving Credit Agreement (the “Revolving Credit Agreement”) with the lenders party thereto and Wells Fargo Bank, National Association, as the administrative agent. The Revolving Credit Agreement provides for a $5,000,000,000 unsecured revolving credit facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

NETFLIX INC entered into Senior Unsecured Revolving Credit Agreement with Wells Fargo Bank, National Association valued at $5,000,000,000 unsecured revolving credit facility (effective 2025-12-19).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $5,000,000,000 unsecured revolving credit facility
Effective: 2025-12-19

Exact text from the filing

On December 19, 2025, Netflix entered into a Senior Unsecured Revolving Credit Agreement (the "Revolving Credit Agreement") with the lenders party thereto and Wells Fargo Bank, National Association, as the administrative agent. The Revolving Credit Agreement provides for a $5,000,000,000 unsecured revolving credit facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

NETFLIX INC entered into Senior Unsecured Delayed Draw Term Loan Credit Agreement with Wells Fargo Bank, National Association valued at $10,000,000,000 unsecured delayed draw term loan credit facility (Two-Year Facility) and $10,000,000 (effective 2025-12-19).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $10,000,000,000 unsecured delayed draw term loan credit facility (Two-Year Facility) and $10,000,000
Effective: 2025-12-19

Exact text from the filing

On December 19, 2025, Netflix entered into a Senior Unsecured Delayed Draw Term Loan Credit Agreement (the "DDTL Credit Agreement") with the lenders party thereto and Wells Fargo Bank, National Association, as the administrative agent. The DDTL Credit Agreement provides for a two-year $10,000,000,000 unsecured delayed draw term loan credit facility (the "Two-Year Facility") and a three-year $10,000,000,000 unsecured delayed draw term loan credit facility (the "Three-Year Facility").

View on SEC.gov

101 debt financings filed in the last 30 days. Browse all debt financings →

NETFLIX INC filing history →

Source: SEC EDGAR

accession 0001193125-25-327462

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