Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 164

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 164
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 the ordinary course of business, including purchase money indebtedness, working
capital facilities, overdraft facilities, letter of credit and bank guarantee facilities or similar facilities, capital and finance leases, equipment financings, bilateral lines of credit for working capital purposes, receivables financings, sale
leaseback arrangements or other similar obligations, (iv) intercompany indebtedness, (v) commercial paper, (vi) indebtedness under that certain senior unsecured revolving credit facility, dated as of April 12, 2024 (the
“”), by and among the Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (in an aggregate principal amount not to exceed the aggregate commitments in existence as
of the date hereof), (vii) indebtedness under the Borrower’s existing senior notes outstanding on the date of this Commitment Letter, (viii) indebtedness of the Target Business and/or its subsidiaries not prohibited by the Merger
Agreement, (ix) from and after the Closing Date, any guarantees by the

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Borrower of indebtedness of the Target Business or any of its subsidiaries not prohibited from remaining outstanding on the Closing Date under the Merger Agreement, (x) any extension,
refinancing, replacement, amendment or modification (including in connection with any consent solicitation, offer to purchase, tender offer and/or exchange offer or otherwise, including the issuance of indebtedness of the Borrower (from and after
the Closing Date), the Target Business and/or their respective subsidiaries in connection therewith) with respect to any indebtedness of the Target Business or any of its subsidiaries permitted to remain outstanding under the Merger Agreement on the
Closing Date, and (xi) other indebtedness to the extent the net cash proceeds of such debt are utilized to repay, redeem, repurchase, discharge, defease, refinance or replace any indebtedness of the Borrower, the Target Business and/or their
respective subsidiaries (whether on, before or after the Closing Date) and to pay any fees or other amounts in respect thereof or otherwise in connection therewith (including any prepayment, repurchase or redemption premiums, any consent fees and
any accrued interest); that for purposes of this Commitment Letter, references to “indebtedness of the Target Business” or similar phrases shall include any indebtedness of the SpinCo Business (as defined
in the Merger Agreement as in effect on the date hereof) which is then allocated