Discovery increases revolver to $2 billion, extends maturity to 2021

By Wendy Van Sickle

Columbus, Ohio, Feb. 5 – Discovery Communications, Inc. expanded its revolving credit facility to $2 billion and extended its senior credit facility’s maturity via a Thursday amendment to its credit agreement dated June 20, 2014 with Bank of America, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The maturity was extended to Feb. 4, 2021 from June 20, 2019. The company has two 364-day extension options.

The expansion was a $500 million increase from the revolver’s previous $1.5 billion capacity.

Also, the agreement’s sublimit for alternative currency borrowing was eliminated and additional lenders agreed to issue letters of credit, up to a total letter of credit sublimit of $17 million.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Bank, Ltd., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets and BNP Paribas Securities Corp. acted as joint lead arrangers and joint bookrunners; RBC and BNP Paribas as co-documentation agents; and Citibank and Credit Suisse as co-syndication agents.

The media company is based in Silver Spring, Md.

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