Summary
This Form 8-K filing by Discovery Communications, Inc. (the "Registrant") on June 20, 2011, details a material definitive agreement related to a significant debt issuance. Discovery Communications, LLC ("DCL"), a subsidiary, successfully completed a registered offering of $650 million in aggregate principal amount of 4.375% Notes due 2021. This offering was conducted as an underwritten public offering, with J.P. Morgan Securities LLC, Citigroup Global Markets Inc., and Credit Suisse Securities (USA) LLC acting as representatives for the underwriters. The issuance of these notes represents a material financing event for the company, increasing its long-term debt. Investors should note the specific interest rate of 4.375%, the maturity date of June 15, 2021, and the semi-annual interest payment schedule. The notes are unsecured and rank equally with DCL's other senior unsecured indebtedness, with Discovery Communications, Inc. providing a full and unconditional guarantee. The terms of the notes are governed by an indenture, as supplemented by a third supplemental indenture filed with this report.
Key Highlights
- 1Discovery Communications, LLC (DCL) issued $650 million of 4.375% Notes due 2021.
- 2The offering was an underwritten public offering, indicating broad market participation.
- 3Interest on the notes is 4.375% per annum, payable semi-annually.
- 4The notes mature on June 15, 2021.
- 5DCL has the option to redeem the notes early, subject to a make-whole premium.
- 6The notes are unsecured and rank pari passu with other unsecured senior debt of DCL.
- 7Discovery Communications, Inc. (the parent company) fully and unconditionally guarantees the notes.