India, Dec. 22 -- Netflix Inc. has refinanced part of a $59 billion bridge loan to support its potential acquisition of Warner Bros. Discovery Inc.

The streaming giant secured 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, sparking a bidding war that will reshape the entertainment industry regardless of the winner. The rival bids entail multi-billion-dollar debt deal...