Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 208

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 208
---
ements and, without limiting the Company’s right to determine the terms and conditions of the
Company Financing Arrangements in its sole discretion, the Company shall consider Buyer’s input in good faith.

2.14 .

(a) Prior to the Distribution Effective Time, SpinCo or other member(s) of the SpinCo Group
shall, to the extent required and taking into account the adjustments contemplated by Section 2.15, enter into one or more financing arrangements or agreements with respect to indebtedness for borrowed money, on such terms and conditions as
determined by the Company and SpinCo, pursuant to which it or they shall borrow a principal amount which (together with the indebtedness under the Existing SpinCo Debt Securities and New SpinCo Debt Securities) results in Net Debt as of the
Distribution Effective Time being, or otherwise causes the Net Debt as of the Distribution Effective Time to be, approximately equal to the Specified Amount (such amount, the “” and such financing arrangements and
agreements, together with the New SpinCo Revolving Credit Facility, the New SpinCo Receivables Facility and any additional or alternative financing arrangements or agreements with respect to indebtedness for borrowed money as shall have been agreed
by the Company and entered into by SpinCo prior to or at the Distribution Effective Time pursuant to , collectively, the “” and, together with the Existing
SpinCo Debt Securities and New SpinCo Debt Securities, the “”), the net proceeds of which shall be used to repay all or a portion of the Existing Company Bridge Loan Facility.

(b) Unless automatically released in accordance with the terms of such indebtedness, the Company and SpinCo shall take all
necessary actions to ensure the full release and discharge of the Company and the other members of the Company Group from all obligations pursuant to the SpinCo Financing Arrangements to which they are party (including any Security Interest granted
by the Company or such other members of the Company Group to secure any obligations pursuant to the SpinCo Financing Arrangements) as of no later than the Distribution Effective Time.

42

(c) Prior to the Distribution Effective Time, the Company and SpinCo shall
cooperate in the preparation of all materials as may be necessary or advisable to execute the SpinCo Financing Arrangements. Without limiting the foregoing, prior to the Distribution Effective Time, the Company and SpinCo shall participate in the
preparation of all materials and presentations as may be reasonably necessary to obtain funding pursuant to the SpinCo Financing Arrangements, including rating agency presentations necessary to obtain