By Aleesia Forni
Virginia Beach, Feb. 25 – Discovery Communications LLC priced $300 million of 3.45% 10-year senior notes (Baa2/BBB/BBB) on Wednesday at Treasuries plus 150 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.915 to yield 3.46%.
The notes sold at the tight end of price talk set in the 155 bps area. Guidance was set at Treasuries plus 165 bps to 170 bps.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBS Securities Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay a portion of the company’s 3.7% senior notes due June 2015 and for general corporate purposes, including the acquisition of other companies or businesses, repayment and refinancing of debt, working capital, capital expenditures and the repurchase of its capital stock
The notes are guaranteed by Discovery Communications, Inc.
The global media company is based in Silver Spring, Md.
| Issuer: | Discovery Communications LLC
|
| Guarantor: | Discovery Communications Inc.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2025
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBS Securities Inc., BNP Paribas Securities Corp., Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Co-managers: | Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc.
|
| Coupon: | 3.45%
|
| Price: | 99.915
|
| Yield: | 3.46%
|
| Spread: | 150 bps over Treasuries
|
| Make-whole call: | 25 bps prior to Dec. 15, 2024, then callable at par
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 25
|
| Settlement date: | March 2
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 155 bps area, tightened from 165 bps to 170 bps
|
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