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Moody’s gives Baa3 to Discovery notes
Moody's Investors Service said it assigned a Baa3 rating to Discovery Communications, LLC's issuance of $6.8 billion in new senior unsecured notes.
Proceeds will be used to fund part of the company’s planned purchase of Scripps Networks Interactive, Inc. (Baa3 stable), scheduled to close in early 2018.
The notes are tranched in floating-rate notes due 2019, non-dollar-denominated notes due between 2024 and 2032, and medium- and long-term notes due between 2023 and 2057.
The notes will be fully and unconditionally guaranteed by Discovery Communications, Inc. (DCI), Discovery’s ultimate parent, and all of DCI's future domestic subsidiaries that guarantee the term loans.
The notes will rank equally with all of DCL's existing and future unsubordinated debt.
The company's Baa3 senior unsecured rating, P-3 commercial paper rating and stable outlook are unchanged.
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