Discovery Communications eyes two-part notes offering, including add-on to 4.9% notes due 2026

By Devika Patel

Knoxville, Tenn., Feb. 28 – Discovery Communications, LLC is planning to price a two-part offering of senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

The notes are guaranteed by Discovery Communications, Inc.

The sale includes an offering of fixed-rate notes due 2024 as well as an add-on to the company’s 4.9% notes (Baa3/BBB-/BBB-) due March 11, 2026. The company sold $500 million of the notes on March 8, 2016 at 312.5 basis points over Treasuries.

Both series of notes feature a make-whole call, with the 4.9% notes callable at Treasuries plus 50 bps until Dec. 11, 2025, when they then are callable at par.

Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets Corp., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and Mizuho Securities USA Inc. are the bookrunners.

Proceeds will be used for a tender offer for up to $600 million of debt securities and for general corporate purposes, including repaying or refinancing debt.

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

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