华纳兄弟探索公司信贷：警告债券持有人

M IdeaTMT Credit Research | North AmericaWBD Credit: Warn(er)ing BondholdersWBD announced a split between Streaming & Studios and Global Networks. The concurrently announced consent solicitation and tender offer put bondholders in a difficult spot, with few PF capital structure details, limited time to organize, and different incentives across the complex.Morgan Stanley & Co. LLCLindsay A TylerCredit Analyst Lindsay.Tyler@morganstanley.com +1 212 761-2734 David M HamburgerCredit Analyst David.Hamburger@morganstanley.com +1 212 761-1580 Kyle B YellinCredit Analyst Kyle.Yellin@morganstanley.com +1 212 761-4706 Fernanda LimaCredit Analyst Fernanda.Lima@morganstanley.com