WarnerMedia plans to price guaranteed senior notes due 2026

By Marisa Wong

Los Angeles, March 6 – WarnerMedia Holdings, Inc. plans to price senior notes due 2026 guaranteed by Warner Bros. Discovery, Inc., according to a 424B3 filing with the Securities and Exchange Commission.

The notes will feature a make-whole call option up until 24 months prior to maturity. After that, the notes will be callable at par.

The company is also required to offer to repurchase the notes at 101 if a change-of-control triggering event occurs.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities, LLC are the joint bookrunners.

U.S. Bank NA is the trustee.

Debevoise & Plimpton LLP, Potter Anderson & Corroon LLP and Womble Bond Dickinson (US) LLP will act as counsel for the issuer. Simpson Thacher & Bartlett LLP is counsel for the underwriters.

Proceeds will be used to repay a portion of borrowings outstanding under the company’s term loan facility.

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

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