23 Feb, 2021

Discovery unit offers to exchange $1.73B of notes

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By Mark Anthony Gubagaras


Discovery Communications LLC on Feb. 23 filed a registration statement regarding a debt exchange offer.

The Discovery Inc. unit is offering to exchange about $1.73 billion of outstanding 4.000% senior notes due 2055, for a like principal amount of new 4.000% senior notes also due 2055. The old notes were issued September 2020 in exchange for the same total amount of notes across the five-note series.

Discovery Communications will not receive any cash proceeds from the exchange offer, completion of which is subject to certain customary conditions.

Discovery Inc. is the parent guarantor for the exchange offer, with Scripps Networks Interactive Inc. as the subsidiary guarantor and the U.S. Bank National Association as the exchange agent.