CORRECTED-Netflix refinances part of $59 billion bridge loan tied to Warner Bros Discovery deal

Dec 22 (Reuters) - Netflix NFLX.O has refinanced part of a $59 billion bridge loan arranged to support its potential acquisition of some assets from Warner Bros Discovery WBD.O, according to a regulatory filing on Monday.

The streaming company secured a $5 billion revolving credit facility and two $10 billion delayed-draw term loans, leaving about $34 billion of the bridge facility to be syndicated.

Netflix won a competitive auction for the assets, beating rival bids including an unsolicited all-cash $108.4  billion offer from Paramount Skydance PSKY.O, which proposed $30 per share for the entire Warner Bros Discovery business.

Bridge loans are typically used to provide short-term funding for large transactions and are later replaced with longer-term and cheaper debt.