Warner Bros Discovery unit secures $13 billion, €1.72 billion 7-year first-lien term loans led by JPMorgan

Warner Bros Discovery

Warner Bros Discovery

WBD

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  • Warner Bros Discovery unit Discovery Global Holdings signed a first-lien credit agreement for 7-year term loans totaling USD 13 billion and EUR 1.717 billion.
  • Proceeds, with balance-sheet cash, repaid USD 15 billion outstanding under a non-investment grade leveraged bridge loan agreement.
  • USD term loans price at Term SOFR + 2.5% or base rate + 1.5%; EUR term loans at EURIBOR + 2.5%.
  • Loans mature June 4, 2033; USD tranche amortizes 1% per year, paid quarterly.
  • Facility is secured by substantially all assets, pari passu with the existing revolver; change of control can trigger acceleration.


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