Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 163

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 163
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) and its subsidiaries to assist) the Bridge Lead Arrangers in completing a syndication reasonably satisfactory to the Bridge Lead Arrangers and you. Such assistance shall include (A) your using commercially reasonable efforts to
ensure that the syndication efforts benefit from your and your subsidiaries’ existing banking relationships, (B) ensuring direct contact between appropriate members of your senior management, officers and advisors and the proposed
Lenders, in all such cases at times and locations to be mutually agreed upon, (C) your assistance (and, prior to the Closing Date, using your commercially reasonable efforts, to the extent practical and appropriate and in all instances subject
to the limitations on your rights set forth in the Merger Agreement, to cause the Target Business to assist) in the preparation of one or more lender presentations in form and substance customary for transactions of this type (each, a
“”) and other customary marketing materials to be used in connection with the syndication (all such information, memoranda and material, “”), (D) your using commercially
reasonable efforts to maintain a corporate level senior unsecured debt rating (but not any specific rating) in respect of the Borrower from Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC
business (“”) and Moody’s Investors Service, Inc. (“”), respectively, (E) your hosting, with the Commitment Parties, of one or more meetings, which may be virtual or
by conference call, of prospective Lenders at times to be mutually agreed and (F) your ensuring that, prior to the Syndication Date, there is no competing offering, placement, arrangement or syndication of any debt securities or syndicated bank
financing by or on behalf of the Borrower and its subsidiaries that would reasonably be expected to materially impair syndication of the Bridge Facility and your using commercially reasonable efforts, to the extent practical and appropriate and in
all instances subject to the limitations on your rights set forth in the Merger Agreement, to ensure that there is no competing offering, placement, arrangement or syndication of any debt securities or syndicated bank financing by or on behalf of
the Target Business and its subsidiaries that would reasonably be expected to materially impair the primary syndication of the Bridge Facility; that this clause (F) shall not apply to (i) the Bridge Facility, (ii) the
New Senior Notes (as defined herein), the Delayed Draw Facilities (as defined herein) or the New Revolving Credit Facility (as defined herein), (iii) debt incurred in