智通财经网·2025-12-22 13:44Group 1 - Netflix has refinanced part of its $59 billion bridge loan using lower-cost, longer-term debt to strengthen its financial proposal for acquiring Warner Bros Discovery [1] - The refinancing includes a $5 billion revolving credit facility and two delayed-draw term loans of $10 billion each, leaving $34 billion in funds to be syndicated [1] - The acquisition deal values Warner Bros' production and streaming assets at $82.7 billion, amidst a competitive bidding war with Paramount Global [1] Group 2 - Despite having the support of Warner Bros' board, Netflix faces regulatory and political hurdles, with concerns raised by Senator Elizabeth Warren labeling the acquisition as an "antitrust nightmare" [2] - Bridge loans are typically used to fill immediate financing gaps and are replaced by more permanent, lower-cost debt shortly after [3] - Wells Fargo, BNP Paribas, and HSBC are among the banks providing unsecured bridge loans to Netflix, with the debt set to mature in phases [4] Group 3 - Netflix's ability to access cheaper financing channels has improved since upgrading to blue-chip status in 2023, moving away from reliance on junk bond markets [4] - The revolving credit facility is expected to mature in 2030 or three years after the transaction closes, while the delayed-draw term loans will mature in two and three years, respectively [4] - Netflix's debt is likely to be rated investment-grade due to its Moody's A3 and S&P A ratings [4]