奈飞计划再次大量举债，为收购华纳兄弟的交易提供资金

Core Viewpoint - Netflix is planning to take on significant debt to acquire Warner Bros. Discovery, despite its improved credit status compared to the past when it was labeled "Debtflix" [1] Group 1: Debt and Financing - Netflix has secured a $59 billion unsecured bridge loan from Wall Street banks, with Wells Fargo providing the largest single bank share of $29.5 billion in investment-grade bridge loans [1] - The company plans to replace this temporary financing with up to $25 billion in bonds, $20 billion in delayed draw term loans, and a $5 billion revolving credit facility, with some funds to be repaid in cash [1] - If the acquisition proceeds as planned, Netflix is expected to generate approximately $20.4 billion in EBITDA next year, resulting in a net debt to EBITDA ratio of about 3.7 times, which is considered manageable for investment-grade companies [2] Group 2: Credit Rating and Risks - Morgan Stanley analysts have warned that the rising debt levels pose risks to investors, suggesting that Netflix could be downgraded from its current A rating to BBB [3] - The company faces additional risks, including the need to complete one of the largest media transactions in history and potential antitrust scrutiny from U.S. regulators, which could result in a $5.8 billion breakup fee without gaining new revenue [4][3] Group 3: Financial Health Improvement - Netflix's financial situation has significantly improved since its high-debt period before the pandemic, with annual free cash flow exceeding $6.9 billion by 2023 [6] - The company has transitioned from high-yield bonds to investment-grade ratings, allowing it to finance at lower costs, with S&P Global Ratings currently at A and Moody's at A3 [6]