New Issue: WarnerMedia prices $1.5 billion 6.412% notes due 2026 at Treasuries plus 178 bps

By Wendy Van Sickle

Columbus, Ohio, March 6 – WarnerMedia Holdings, Inc. sold $1.5 billion of 6.412% three-year senior notes (Baa3/BBB-/BBB-) at par on Monday with a spread of 178 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes are guaranteed by Warner Bros. Discovery, Inc.

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

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.

Issuer:	WarnerMedia Holdings, Inc.
Guarantor:	Warner Bros. Discovery, Inc.
Amount:	$1.5 billion
Issue:	Senior notes
Maturity:	March 15, 2026
Bookrunners:	J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities, LLC
Co-managers:	AmeriVet Securities, Inc., Blaylock Van, LLC, Samuel A. Ramirez & Co., Inc. and R. Seelaus & Co., LLC
Trustee:	U.S. Bank NA
Counsel to issuer:	Debevoise & Plimpton LLP, Potter Anderson & Corroon LLP and Womble Bond Dickinson (US) LLP
Counsel to underwriters:	Simpson Thacher & Bartlett LLP
Coupon:	6.412%
Price:	Par
Yield:	6.412%
Spread:	Treasuries plus 178 bps
Call feature:	Make-whole at Treasuries plus 30 bps call until March 15, 2024, par call thereafter; company must offer to repurchase notes at 101 if a change-of-control event occurs
Trade date:	March 6
Settlement date:	March 10
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Cusip:	55903VBG7

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