Discovery Communications to price benchmark-sized guaranteed fixed-rate senior notes

By Cristal Cody

Tupelo, Miss., May 16 – Discovery Communications, LLC is offering fixed-rate senior notes (BBB-/BBB-) in a Form S-3 transaction, according to a news release on Thursday from parent company Discovery, Inc.

Barclays, J.P. Morgan Securities LLC, BNP Paribas Securities Corp, Mizuho Securities USA LLC and RBC Capital Markets, LLC are the bookrunners.

The company plans to price $1.5 billion of senior notes in 10- and 30-year tranches, according to a ratings release from S&P Global Ratings.

The notes will be guaranteed by the parent company and subsidiary Scripps Networks Interactive, Inc.

Proceeds will be used to redeem Discovery Communications’ outstanding 2.75% senior notes due in November and 5.05% senior notes due June 2020, as well as Scripps’ outstanding 2.75% senior notes due in November. Any remaining proceeds will be used for general corporate purposes.

Discovery Communications is a global media company based in Silver Spring, Md.

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