Discovery Communications tenders for $600 million of two note series

By Susanna Moon

Chicago, Feb. 28 – Discovery Communications, Inc. said wholly owned subsidiary Discovery Communications LLC is tendering for up to $600 million principal amount of two series of notes.

Pricing will be set at 11 a.m. ET on March 14 using a reference security plus a fixed spread as follows, with the notes listed in order of priority acceptance level:

• For the $1.3 billion 5.05% senior notes due 2020, the 1.375% U.S. Treasury notes due Feb. 15, 2020 plus 70 basis points; and

• For the $500 million 5.625% senior notes due 2019, the 1.125% U.S. Treasury notes due Feb. 28, 2019 plus 60 bps.

The total purchase price will include an early tender premium of $30 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 13, the early tender date.

The tender offer will end at 11:59 p.m. ET on March 27.

Tendered notes may be withdrawn before the early deadline.

Holders also will receive accrued interest up to but excluding the settlement date of March 15 for early tendered notes and March 28 for any remaining tenders.

The company said notes tendered by the early deadline will be accepted for purchase before those tendered afterward.

Credit Suisse Securities (USA) LLC (212 325-2476 or 800 820-1653), J.P. Morgan Securities LLC (212 834-3424 or 866 834-4666) and RBC Capital Markets, LLC (212 618-7822 or 877 381-2099) are the dealer managers. The information agent and tender agent is D.F. King & Co., Inc. (877 871-1741 or 212 269-5550).

The global media company is based in Silver Spring, Md.

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