---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-256559"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2026-06-04T12:38:59+00:00"
generated_at: "2026-06-04T12:40:20.177577+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Warner Bros. Discovery enters $14.7B first-lien credit agreement to repay bridge loan

## Summary
- Discovery Global Holdings borrowed $13B USD and €1.717B euro term loans on June 4, 2026.
- Proceeds, plus cash, used to repay in full $15B bridge loan from June 2025.
- USD term loans: SOFR+2.50% or Base+1.50%; euro term loans: EURIBOR+2.50%; mature June 4, 2033.
- Obligations secured by substantially all assets of WBD, DGH, and certain domestic subsidiaries.
- No financial maintenance covenant; change of control (including proposed Paramount Skydance acquisition) may trigger acceleration.

## SEC filing metadata
- accession: 0001193125-26-256559
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2026-06-04T12:38:59+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/1437107/000119312526256559/0001193125-26-256559-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000119312526256559/d11897d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-256559
- JSON: https://secwatch.observer/filing/0001193125-26-256559.json
- Plain text: https://secwatch.observer/filing/0001193125-26-256559.txt

## Key facts
- Debt Financings
  Warner Bros. Discovery, Inc. incurred term loan of $13,000 million U.S. dollar-denominated term loans and €1,717 million Euro-denominated term loans with JPMorgan Chase Bank, N.A. (JPM) and J.P. Morgan SE at Term SOFR plus 2.50% per annum or Base Rate plus 1.50% per annum for Dollar loan maturing June 4, 2033.
  - Instrument: term loan
  - Principal: $13,000 million U.S. dollar-denominated term loans and €1,717 million Euro-denominated term loans
  - Counterparty: JPMorgan Chase Bank, N.A. (JPM) and J.P. Morgan SE
  - Rate: Term SOFR plus 2.50% per annum or Base Rate plus 1.50% per annum for Dollar loan
  - Maturity: June 4, 2033
  - Event: incurrence
  source text: The First Lien Credit Agreement provides for (i) 7-year $13,000 million U.S. dollar-denominated term loans (the "Initial Dollar Term Loans") and (ii) 7-year €1,717 million Euro-denominated term loans (the "Initial Euro Term Loans" and, together with the Initial Dollar Term Loans, the "Initial Term Loans"). On June 4, 2026, DGH borrowed the Initial Term Loans and used the net proceeds thereof, together with cash on the balance sheet, to repay in full $15,000 million of outstanding loans under that certain Non-Investment Grade Leveraged Bridge Loan Agreement, dated as of June 26, 2025 (as amended by that certain Amendment No. 1, dated as of February 18, 2026), by and among the Company, as parent, DGH, as borrower, the lenders from time to time party thereto and JPM, as administrative agent and collateral agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000119312526256559/0001193125-26-256559-index.htm
- Material Agreements
  Warner Bros. Discovery, Inc. entered into First Lien Credit Agreement valued at $13,000 million (effective 2026-06-04).
  - Action: entry
  - Agreement: credit facility
  - Value: $13,000 million
  - Effective: 2026-06-04
  source text: On June 4, 2026, Discovery Global Holdings, Inc. (“DGH”), a wholly-owned subsidiary of Warner Bros. Discovery, Inc. (the “Company”), entered into that certain First Lien Credit Agreement (the “First Lien Credit Agreement”) among the Company, as holdco, DGH, as parent borrower, the designated subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A. (“JPM”), as U.S. administrative agent and collateral agent, and J.P. Morgan SE, as non-U.S. administrative agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000119312526256559/0001193125-26-256559-index.htm

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