Warner Bros. Discovery prices any-and-all cash tender offers

By Wendy Van Sickle

Columbus, Ohio, Aug. 9 – Warner Bros. Discovery, Inc. announced pricing of its cash tender offers for any and all of six notes issued by various subsidiaries as part of its plan to reduce debt, according to a press release.

The company is offering to purchase the following notes with the considerations listed per $1,000 principal amount:

• $67,262,000 outstanding 4.05% senior notes due 2023 issued by Warner Media, LLC (Cusip: 887317AR6) for $994.64, based on the 0.125% U.S. Treasury due Dec. 15, 2023 and a fixed spread of 25 basis points;

• $32,782,000 outstanding 7.57% senior notes due 2024 issued by Historic TW Inc. (Cusip: 887315BH1) for $1,008.13, based on the 2.5% U.S. Treasury due Jan. 31, 2024 and a fixed spread of 30 bps;

• $383,192,000 outstanding 3.8% senior notes due 2024 issued by Discovery Communications, LLC (Cusip: 25470DAM1) for $989.01, based on the 0.25% U.S. Treasury due March 15, 2024 and a fixed spread of 30 bps;

• $499.29 million outstanding 3.528% senior notes due 2024 issued by WarnerMedia Holdings, Inc. (Cusips: U56632AK6, 55903VAV5) for $987.36, based on the 0.25% U.S. Treasury due March 15, 2024 and a fixed spread of 30 bps;

• $1,649,358,000 outstanding 3.428% senior notes due 2024 issued by WarnerMedia Holdings, Inc. (Cusips: 55903VAC7, U55632AB6, 55903VAW3) for $986.80, based on the 0.25% U.S. Treasury due March 15, 2024 and a fixed spread of 30 bps; and

• $54,014,000 outstanding 3.55% senior notes due 2024 issued by Warner Media, LLC (Cusip: 887317AV7) for $982.80, based on the 2.5% U.S. Treasury due May 31, 2024 and a fixed spread of 35 bps.

Each tender offer will expire at 5 p.m. ET on Aug. 9.

The guaranteed delivery date is Aug. 11.

Settlement is expected on Aug. 14.

BofA Securities, Inc. (980 387-3907, 888 292-0070, debt_advisory@bofa.com), Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and RBC Capital Markets, LLC (877 381-2099, 212 618-7843, liability.management@rbccm.com) are the dealer managers.

D.F. King & Co., Inc. (877 283-0322, 212 269-5550, WBD@dfking.com, www.dfking.com/WBD) is the tender and information agent for the offers.

Warner Bros. Discovery is a media and entertainment company based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.