Netflix Refinances Part of $59 Billion Loan for Warner Bros. (1)

Netflix Inc. refinanced part of a $59 billion bridge loan with cheaper and longer-term debt, bolstering the financial package underpinning its bid for Warner Bros. Discovery Inc.

The streaming giant got a $5 billion revolving credit facility and two $10 billion delayed-draw term loans to refinance part of the bridge facility it took out for its Warner Bros. bid, according to a filing on Monday. That leaves $34 billion for syndication.

Netflix agreed to a deal in early December that values Warner Bros.’ studio and streaming assets at $82.7 billion. Paramount Skydance Corp. subsequently launched a hostile takeover offer ...