Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 176

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 176
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 or similar amounts payable upon repayment of such obligations),
including all amounts outstanding under the SpinCo Financing Arrangements, (ii) the amount of indebtedness of the SpinCo Group evidenced by notes, bonds, debentures, mortgages, letters of credit or similar instruments, but excluding letters of
credit to the extent not drawn upon, (iii) the amount of any obligations of the SpinCo Group as lessee under any lease that has been recorded as a capital lease in the Company’s most recent financial reporting prior to the Distribution
Date or which is required to be capitalized in accordance with United States generally accepted accounting principles, in effect from time to time, applied in a manner consistent with the methodologies, practices and principles that were applied in
preparing the Company’s most recent financial reporting prior to the Distribution Date and (iv) with respect to the items referred to in clauses (i) and (iii) of any other Person, the amount of such indebtedness the payment of which
SpinCo is responsible or liable for, directly or indirectly, as obligor, guarantor, surety or otherwise (, that “Net Debt” shall not include any such liabilities or obligations solely among SpinCo and another member of the
SpinCo Group and , , that “Net Debt” shall exclude the Existing Company Financing Arrangements and any other indebtedness to the extent such indebtedness will be (and is, immediately after the Distribution
Effective Time) assumed in full by or otherwise incurred by the Company Group in connection with the Distribution), minus (b) the Cash and Cash Equivalents included in the SpinCo Assets, in each case, as determined as of the Distribution
Effective Time.

“” shall have the meaning set forth in
.

“” shall mean debt securities issued by SpinCo
(or a wholly owned Subsidiary thereof) in an amount not to exceed $[8.8] billion.

“”
shall have the meaning set forth in .

“” means
an accounts receivable financing facility pursuant to an agreement (or amendments to existing agreements) entered into prior to or effective as of the Distribution Effective Time by and among, inter alia, certain members of the SpinCo Group
and the agents and purchasers named therein, on such terms and conditions as agreed to by such members of the SpinCo Group and the other parties to such agreement and approved by the Company.

“” shall mean a revolving credit facility pursuant to a credit agreement entered into
prior to or effective as of the Distribution Effective Time by and