Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 160

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 160
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BC Bank and HSBC Middle East, “ HSBC Lender”) and HSBC Securities (USA) Inc. (“ HSI” and, together with HSBC Lender, “ HSBC” and, together with Wells Fargo and BNP, collectively, the “ Commitment Parties” or “ we” or “ us”) that it intends to enter into the transactions described in the Transaction Summary attached hereto as Exhibit A(the “ Transactions”). Capitalized terms used but not defined herein are used with the meanings assigned to them on the Exhibits attached hereto (such Exhibits, together with this letter, collectively, the “ Commitment Letter”). 1. Commitments In connection with the Transactions, (i) WFBNA is pleased to advise you of its commitment to provide 33.898%%, (ii) WFSCI is pleased to advise you of its commitment to provide 16.102%, (iii) BNPP is pleased to advise you of its commitment to provide 35%, (iv) HSBC USA is pleased to advise you of its commitment to provide 3.559%, (v) HSBC Europe is pleased to advise you of its commitment to provide 4.746%, (vi) HSBC Bank is pleased to advise you of its commitment to provide 5.085%, and (vii) HSBC Middle East is pleased to advise you of its commitment to provide 1.610%, in each case of the aggregate principal amount of a senior unsecured bridge facility as further described in Exhibit B(the “ Term Sheet”) in an aggregate principal amount of $59.0 billion (the “Bridge Facility”) on the terms set forth in this Commitment Letter and subject solely to the conditions expressly set forth in Section 6 below and in Exhibit

C hereto, which commitments shall be several and not joint (WFBNA, WFSCI, BNPP, HSBC USA, HSBC Europe, HSBC Bank and HSBC Middle East collectively in such capacities, the “” and each, an “”); that the amount of the Bridge Facility shall be automatically reduced on a
dollar-for-dollar basis as provided under “Mandatory Commitment Reduction/Prepayment of Bridge Facility” in Exhibit B hereto (which reduction shall be
applied ratably to reduce the commitments of each Commitment Party in accordance with its respective commitments set forth above (it being understood that, notwithstanding the foregoing, (x) Wells Fargo may apply any such commitment reduction
allocable to the Wells Fargo Lenders