Warner Bros. Discovery, Inc. (WBD): debt financing — WBD subsidiary enters $17B bridge loan to fund tender offers, spinoff of Streaming & Studios

Warner Bros. Discovery, Inc.

WarnerMedia Holdings signed $17.0B bridge loan on June 26, 2025, drawn June 30.
Interest at SOFR + 3.00%-4.00% per annum depending on period.
Loan matures in 18 months or upon completion of Separation Transaction (spinoff of Streaming & Studios).
Proceeds to settle tender offers, repay 364-day term loan, pay fees, general corporate purposes.
RCF amended to $4B with alignment to bridge loan covenants; secured by substantially all personal property.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Warner Bros. Discovery, Inc. incurred term loan of $17.0 billion with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at SOFR plus (i) from the date that loans are drawn under the Bridge Loan Facility maturing the earlier of (x) the date that is 18 months after the Funding Date and (y) the date of the consummation of the distribution by the Company of not less than 80.

Instrument: term loan
Principal: $17.0 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate: SOFR plus (i) from the date that loans are drawn under the Bridge Loan Facility
Maturity: the earlier of (x) the date that is 18 months after the Funding Date and (y) the date of the consummation of the distribution by the Company of not less than 80
Event: incurrence

Exact text from the filing

On June 26, 2025, WarnerMedia Holdings, Inc. (“WMH”), a wholly-owned subsidiary of Warner Bros. Discovery, Inc. (the “Company”), entered into that certain Non-Investment Grade Leveraged Bridge Loan Agreement (the “Bridge Loan Agreement”) among WMH, as borrower, the Company, as parent guarantor, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, with respect to an 18-month $17.0 billion term loan (the “Bridge Loan Facility”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Warner Bros. Discovery, Inc. amended revolving credit of $4 billion with Bank of America, N.A., as administrative agent, swing line lender and L/C issuer.

Instrument: revolving credit
Principal: $4 billion
Counterparty: Bank of America, N.A., as administrative agent, swing line lender and L/C issuer
Event: amendment

Exact text from the filing

• Permitting the incurrence of debt and liens in connection with the Bridge Loan Agreement; • Reducing the aggregate amount of commitments under the RCF Credit Agreement to $4 billion; • Providing for the early termination of the facilities under the RCF Credit Agreement upon the consummation of the Separation Transaction; • Certain other changes to the

View on SEC.gov

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

Warner Bros. Discovery, Inc. filing history →

Source: SEC EDGAR

accession 0001437107-25-000161

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

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.