Discovery Communications sets tranches, dealers for notes offering

By Devika Patel

Knoxville, Tenn., Sept. 7 – Discovery Communications, LLC (Baa3/BBB-/BBB-) offered further details about a planned offering of new dollar-denominated senior notes, according to an 8-K and 424B3 filed with the Securities and Exchange Commission.

The notes will be offered in four fixed-rate and one floating-rate tranches and will be guaranteed by Discovery Communications, Inc.

The fixed-rate notes may be redeemed prior to maturity, but the floaters are not callable.

Goldman Sachs & Co., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the bookrunners for all of the notes. Some of the notes will be arranged by BNP Paribas Securities Corp., Barclays, BofA Merrill Lynch, Mizuho Securities USA Inc. and RBC Capital Markets Corp.

Discovery Communications, a global media company based in Silver Spring, Md., plans to acquire Scripps Networks Interactive in a $14.6 billion cash and stock deal.

Scripps Network Interactive is a media company based in Knoxville.

Proceeds from the deal will be used for the merger. If the merger is not completed, proceeds will be used for general corporate purposes, which may include the repayment of the company’s senior fixed rate notes.

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