Discovery Communications, Inc. (Nasdaq: DISCA, DISCB, DISCK) announced today that Discovery Communications, LLC has commenced an underwritten public offering of a new series of Senior Notes due 2024. DCL also intends to offer additional senior notes pursuant to a reopening of its existing 4.900% Senior Notes due 2026. Each series of senior notes will be issued by DCL and guaranteed by the Company.
The Company intends to use the net proceeds from the Offering to fund a concurrent tender offer for up to $600 million aggregate principal amount of the Company's 5.050% Senior Notes due 2020 and 5.625% Senior Notes due 2019 based on prices to be determined and to pay interest, premiums, fees and expenses in connection with that tender offer. The Company intends to use any remaining proceeds for general corporate purposes. The Company expects to announce the tender offer in a separate press release upon commencing the tender offer. The completion of the tender offer will be subject to customary closing conditions, including the receipt of gross proceeds of at least $650 million from the Offering.
Barclays Capital Inc., Citigroup Global Markets Inc. and RBC Capital Markets, LLC will act as the active joint book-running managers for the New Notes Offering and Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated will act as the active joint book-running managers for the Reopening.
About Discovery
Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) provides television programming through a portfolio of premium nonfiction, sports and kids programming brands. Reaching 3 billion cumulative viewers across pay-TV and free-to-air platforms in more than 220 countries and territories, Discovery's portfolio includes the global brands Discovery Channel, TLC, Investigation Discovery, Animal Planet, Science and Turbo/Velocity, as well as OWN: Oprah Winfrey Network in the U.S., Discovery Kids in Latin America, and Eurosport, a provider of locally relevant, premium sports and Home of the Olympic Games across Europe. Discovery reaches audiences across screens through digital-first programming from digital content holding company Group Nine Media, Discovery VR, over-the-top offerings Eurosport Player and Dplay, as well as TV Everywhere products comprising the GO portfolio of TVE apps and Discovery K!ds Play.
