Netflix refinances part of $59 billion bridge loan tied to Warner Bros Discovery deal
- The streaming company secured a $5 billion revolving credit facility and two $10 billion delayed-draw term loans
Netflix has refinanced part of a $59 billion bridge loan arranged to support its potential acquisition of Warner Bros Discovery, according to a regulatory filing on Monday.
The streaming company secured a $5 billion revolving credit facility and two $10 billion delayed-draw term loans, leaving about $34 billion of the bridge facility to be syndicated.
Netflix won a competitive auction for the assets, beating rival bids including an unsolicited all-cash $108.4? billion offer from Paramount Skydance, which proposed $30 per share for the entire Warner Bros Discovery business.
Warner Bros Discovery board rejects rival bid from Paramount
Bridge loans are typically used to provide short-term funding for large transactions and are later replaced with longer-term and cheaper debt.
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