Loan & DebtMay 27, 2026, 09:12 AM
Warner Bros. Discovery Secures Consents for Debt Indenture Amendments
AI Summary
Warner Bros. Discovery announced that its wholly-owned subsidiaries, Discovery Communications, LLC and Discovery Global Holdings, Inc., successfully received the required consents from noteholders to adopt proposed amendments to the indentures governing their senior notes. These amendments, effective upon execution and operative around May 29, 2026, extend the deadline for a required exchange offer for junior lien secured notes to March 4, 2027, and specify terms if the acquisition by Paramount Skydance Corporation is consummated. Paramount will fund the $2.50 per $1,000 (or €2.50 per €1,000) consent payment to eligible holders.
Key Highlights
- WBD subsidiaries received requisite consents for senior note indenture amendments.
- Amendments extend junior lien exchange offer deadline to March 4, 2027.
- Consent solicitations expired on May 26, 2026, with high participation rates.
- Supplemental indentures were executed on May 26, 2026, effective immediately.
- Consent payment of $2.50 per $1,000 (or €2.50 per €1,000) expected May 29, 2026.
- Paramount Skydance Corporation will fund all consent payments.
- DCL's 5.200% Senior Notes due 2047 received 79.04% consent.
- DGH's 5.050% Senior Notes due 2042 received 99.18% consent.
Price Impact
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