---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-327462"
form_type: "8-K"
ticker: "NFLX"
cik: "0001065280"
company_name: "NETFLIX INC"
filed_at: "2025-12-22T23:59:59+00:00"
generated_at: "2026-05-16T12:23:13.164492+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-25-327462
- form_type: 8-K
- ticker: NFLX
- cik: 0001065280
- company_name: NETFLIX INC
- filed_at: 2025-12-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1065280/000119312525327462/0001193125-25-327462-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1065280/000119312525327462/d82688d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-327462
- JSON: https://secwatch.observer/filing/0001193125-25-327462.json
- Plain text: https://secwatch.observer/filing/0001193125-25-327462.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1065280/000119312525327462/0001193125-25-327462-index.htm
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1065280/000119312525327462/0001193125-25-327462-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1065280/000119312525327462/0001193125-25-327462-index.htm
- Material Agreements
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1065280/000119312525327462/0001193125-25-327462-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.