Warner Bros. Discovery gives results of tender for WarnerMedia floaters

By Mary-Katherine Stinson

Lexington, Ky., June 14 – Warner Bros. Discovery, Inc. announced the results of wholly owned subsidiary WarnerMedia Holdings, Inc.’s cash tender offer to purchase any and all of its $500 million outstanding floating-rate notes due March 15, 2024 (Cusip: 55903VAX1, 55903VAA1, U55632AA8), according to a 6-K filing with the Securities and Exchange Commission.

The offer expired at 5 p.m. ET on June 13, which was also the withdrawal deadline.

The company announced it will accept for purchase all $460,244,000 principal amount of notes tendered for a consideration of $1,011 for each $1,000 principal amount. In addition, holders will receive accrued interest.

Not included in the total are $30,000 of notes tendered according to guaranteed delivery procedures. The company stated it expects to also purchase these notes.

The guaranteed delivery date was originally slated for June 15, but the company stated no more tenders will be accepted as of the expiration of the offer.

Settlement is slated for June 16, funded by cash on hand.

The tender offer was subject to some conditions but was not conditioned on any minimum amount of notes being tendered.

The dealer manager for the tender offer is BNP Paribas Securities Corp. (888 210-4358 or 212 841-3059; dl.us.liability.management@us.bnpparibas.com).

D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 877 283-0322 for all others; WBD@dfking.com; www.dfking.com/WBD) is the tender and information agent.

Warner Bros. Discovery is a media and entertainment company based in New York.

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