WBD · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness
Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 64 · Surprise 42 · Contradicted
As of June 30, 2026, WBD had $32.402 billion of outstanding indebtedness, consisting of $14.708 billion of term loans and $17.694 billion of senior notes. During the second quarter, the company entered into seven-year First Lien Credit Agreement term loans totaling $13.0 billion in U.S. dollar borrowings and €1.717 billion in Euro-denominated borrowings, and used proceeds plus cash to repay $15.0 billion under the Bridge Loan Agreement. Senior notes carried interest rates from 1.90% to 8.30% and mature between 2026 and 2062. WBD had $1.480 billion of senior notes due through June 2027, in addition to $16 million due in July 2026.
Key facts
- The Company repaid $15,000 million of the outstanding Bridge Loan on June 4, 2026 using Initial Term Loans and cash. source
- The Company completed Tender Offers in June 2025 by purchasing senior notes and debentures in the aggregate principal amount of $17.7 billion and recorded a gain on extinguishment of approximately $3.0 billion. source
- The First Lien Credit Agreement provides for 7-year $13,000 million U.S. dollar-denominated term loans and 7-year €1,717 million Euro-denominated term loans. source
- During the six months ended June 30, 2026, the Company repurchased or repaid $123 million of aggregate principal amount outstanding of its senior notes and had $16 million of senior notes due in July 2026 and an additional $1,480 million of senior notes coming due through June 2027. source
- During the three months ended June 30, 2026, the Company used net proceeds from the Initial Term Loans and cash on the balance sheet to repay in full $15,000 million of outstanding loans under the Bridge Loan Agreement and repaid $250 million of aggregate principal amount outstanding of the Initial Term Loans. source
- On June 30, 2025 DGH drew $17.0 billion under the Bridge Loan Agreement to finance early settlement of Tender Offers and related purposes. source
- Loss (gain) on extinguishment of debt, net was $(2,958) in the reconciliation of segment adjusted EBITDA to loss before income taxes for the period shown. source
- The Company repaid in full $15,000 million of outstanding loans under the Bridge Loan Agreement in the three months ended June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +33.9% | Loss (gain) on extinguishment of debt, net was $(2,958) in the reconciliation of segment adjusted EBITDA to loss before income taxes for… |
| liability | positive | realized | +15.8% | Principal repayments of debt, including premiums and discounts to par value for six months ended June 30, 2026: $15,373 million. |
| cash | negative | realized | -15.8% | Principal repayments of debt, including premiums and discounts to par value for six months ended June 30, 2026: $15,373 million. |
| liability | negative | realized | -15.4% | During the three months ended June 30, 2026, the Company used net proceeds from the Initial Term Loans and cash on the balance sheet to… |
| cash | positive | realized | +15.2% | Borrowings from debt, net of discount and issuance costs for six months ended June 30, 2026: $14,781 million. |
| liability | positive | realized | +7.9% | Weighted-average interest rate for senior notes with maturities greater than years as of June 30, 2026: 5.17% and principal outstanding… |
| liability | positive | realized | +6.7% | Weighted-average interest rate for senior notes with maturities of years or less as of June 30, 2026: 3.92% and principal outstanding… |
| liability | negative | committed | -1.3% | During the six months ended June 30, 2026, the Company repurchased or repaid $123 million of aggregate principal amount outstanding of its… |
| liability | negative | realized | -0.3% | During the three months ended June 30, 2026, the Company used net proceeds from the Initial Term Loans and cash on the balance sheet to… |
| liability | positive | realized | +0.1% | During the six months ended June 30, 2026, the Company repurchased or repaid $123 million of aggregate principal amount outstanding of its… |
| liability | negative | committed | -0.0% | During the six months ended June 30, 2026, the Company repurchased or repaid $123 million of aggregate principal amount outstanding of its… |