---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-25-000161"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2025-06-26T23:59:59+00:00"
generated_at: "2026-05-18T17:46:49.859396+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# WBD subsidiary enters $17B bridge loan to fund tender offers, spinoff of Streaming & Studios

## Summary
- 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.

## SEC filing metadata
- accession: 0001437107-25-000161
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2025-06-26T23:59:59+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/1437107/000143710725000161/0001437107-25-000161-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000161/disca-20250626.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-25-000161
- JSON: https://secwatch.observer/filing/0001437107-25-000161.json
- Plain text: https://secwatch.observer/filing/0001437107-25-000161.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000161/0001437107-25-000161-index.htm
- Debt Financings
  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
  source text: • 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000161/0001437107-25-000161-index.htm

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