Company: WBD
Filing Date: 2025-06-26
Form Type: 8-K
Source: 0001437107-25-000161
Chunk: 0

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-06-26
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01. Entry into a Material Definitive Agreement

Bridge Loan Agreement

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”). Subject to the satisfaction of the specified conditions precedent to funding, WMH intends to draw $17.0 billion of the Bridge Loan Facility on June 30, 2025 to finance the anticipated early settlement of the previously-announced cash tender offers and consent solicitations by WMH and other certain subsidiaries of the Company, the repayment in full and termination of that certain 364-day senior unsecured term loan credit facility, dated January 28, 2025, among Discovery Communications, LLC (“ DCL”), a wholly-owned subsidiary of the Company, the Company, certain wholly-owned subsidiaries of the Company party thereto, as subsidiary guarantors, the lenders party thereto, and Mizuho Bank, Ltd., to pay fees and expenses therewith and for general corporate purposes.

The obligations of WMH under the Bridge Loan Agreement will be secured by a lien on substantially all of the personal property assets of the Company, WMH and certain of its wholly-owned domestic subsidiaries and are guaranteed by the Company and certain of its wholly-owned domestic subsidiaries.

Borrowings under the Bridge Loan Facility will bear interest at the Secured Overnight Financing Rate (“ SOFR”) plus (i) from the date that loans are drawn under the Bridge Loan Facility (such date, the “ Funding Date”) until December 30, 2025, 3.00% per annum, (ii) from December 31, 2025 until March 30, 2026, 3.50% per annum and (iii) from March 31, 2026 until the termination date of the Bridge Loan Facility, 4.00%.

Borrowings under the Bridge Loan Facility, net of any prepayments, will become payable in full on the earlier of (x) the date that is 18 months after the Funding Date and (y) the date