Warner Bros. Discovery upsizes debt tender offer cap to $2.5B

Warner Bros. Discovery, Inc.

Aggregate purchase price cap increased from $1.75B to $2.5B (excluding accrued interest).
Tender offer covers 12 series of senior notes due 2024–2055 with fixed spreads up to 245 bps.
Early tender deadline: May 22, 2024 at 5:00 PM ET; early tender premium of $30 per $1,000.
Expiration date: June 7, 2024; settlement expected June 12, 2024, subject to financing condition.
Lead dealer managers: Deutsche Bank, J.P. Morgan, MUFG; information agent: D.F. King & Co.

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