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Warner Bros. Discovery Announces Commencement of Cash Tender Offer for up to $500,000,000 Aggregate Principal Amount of Floating Rate Notes due 2024 Issued by WarnerMedia Holdings, Inc.
NEW YORK, June 7, 2023 /PRNewswire/ -- Warner Bros. Discovery, Inc. ("Warner Bros. Discovery" or the "Company") today announced that, in connection with the
About this update from Warner Bros. Discovery, Inc. - Series A
[{"type":"text","content":"NEW YORK, June 7, 2023 /PRNewswire/ -- Warner Bros. Discovery, Inc. (\"Warner Bros. Discovery\" or the \"Company\") today announced that, in connection with the Company's previously announced plan to reduce debt, its wholly-owned subsidiary, WarnerMedia Holdings, Inc. (the \"Issuer\"), has commenced a cash tender offer (the \"Tender Offer\") to purchase any and all of the Issuer's outstanding Floating Rate Notes due 2024 (the \"Notes\"), for the consideration described in the table below. The Company also announced that, during the fiscal quarter ending June 30, 2023, it has repaid $750 million of borrowings under its multicurrency revolving credit agreement and $800 million of borrowings outstanding under its term loan prior to the due date of April 2025.\nTitle of Security\nCUSIP\nAggregate PrincipalAmount Outstanding\nInterest Rate\nMaturity\nConsideration(1)\nFloating RateNotes due2024\n55903V AX1,55903V AA1,U55632 AA8\n$500,000,000\nCompoundedSOFR + 1.78%\nMarch 15,2024\n$1,011.00\n(1) Per $1,000 principal amount of Notes validly tendered before the Expiration Time (as defined below), not validly withdrawn and accepted for purchase. In addition to the consideration, holders will also receive accrued and unpaid interest on the Notes, if any, from the last interest payment date up to, but excluding, the Settlement Date (as defined below).\nThe Tender Offer will expire at 5:00 p.m., New York City time, on June 13, 2023, unless extended or earlier terminated (the \"Expiration Time\"). Holders who have validly tendered their Notes may withdraw such Notes at any time at or prior to the Expiration Time. The guaranteed delivery date is expected to be June 15, 2023. The Issuer expects to pay the applicable consideration for Notes validly tendered and not validly withdrawn at or prior to the Expiration Time on June 16, 2023, the third business day following the Expiration Time (the \"Settlement Date\"). The Tender Offer is conditioned upon satisfaction of certain conditions, but is not conditioned upon any minimum amount of Notes being tendered.\nThe complete terms and conditions of the Tender Offer are set forth in the Offer to Purchase, dated June 7, 2023 (the \"Offer to Purchase\"), and in the related notice of guaranteed delivery (the \"Notice of Guaranteed Delivery\" and, together with the Offer to Purchase, the \"Tender Offer D...