JPMorgan Boosts Warner Bros. Loan to $10 Billion as Merger Looms

A JPMorgan Chase & Co.-led bank group boosted a leveraged loan offering for Warner Bros. Discovery Inc. to $10.2 billion as the media company looks to refinance short-term debt ahead of its planned acquisition by Paramount Skydance Corp.

The offering is comprised of two tranches: a US dollar facility that was increased to $9 billion from $5 billion, and a €1 billion ($1.16 billion) portion that’s unchanged, according to a person with knowledge of the matter.

Such loans are typically repaid at par in the event of an acquisition that changes ownership. Investors have an opportunity to buy the ...