8-KMaterial AgreementsFinancial EventsExhibits & Filings

Warner Bros. Discovery, Inc. 8-K Report, Material Agreement (Mar 7, 2014)

Filed March 7, 2014For Securities:WBD

Summary

Warner Bros. Discovery, Inc. (WBD), under its former name Discovery Communications, Inc., filed this 8-K on March 7, 2014, to report a material definitive agreement related to a registered offering of senior notes. Specifically, Discovery Communications, LLC (DCL), a subsidiary, completed a public offering of €300 million aggregate principal amount of 2.375% Senior Notes due 2022. These notes are unsecured and guaranteed by Discovery Communications, Inc. The offering was made through an underwritten public offering, and the notes are subject to customary covenants and events of default. Investors should note the maturity date of March 7, 2024, and the annual interest payment schedule. This filing provides transparency on the company's debt financing activities at the time.

Key Highlights

  • 1Discovery Communications, LLC (DCL) issued €300 million in 2.375% Senior Notes due 2022.
  • 2The offering was a registered public offering underwritten by a syndicate of major financial institutions.
  • 3The Notes mature on March 7, 2024.
  • 4Interest on the Notes is payable annually on March 7, commencing March 7, 2015.
  • 5The Notes are unsecured and rank equally with other unsecured senior indebtedness of DCL.
  • 6Discovery Communications, Inc. provided a full and unconditional guarantee for the Notes.
  • 7The issuance was governed by an indenture, supplemented by a sixth supplemental indenture.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report the completion of a material definitive agreement concerning a registered offering of senior notes by Discovery Communications, LLC (DCL), a subsidiary of Discovery Communications, Inc. (now Warner Bros. Discovery, Inc.).

The Senior Notes have an aggregate principal amount of €300 million, bear an interest rate of 2.375% per year, and mature on March 7, 2024. Interest is paid annually on March 7, starting in 2015. The notes are unsecured and fully guaranteed by Discovery Communications, Inc.

The full and unconditional guarantee from the parent company, Discovery Communications, Inc., enhances the creditworthiness of the Notes, making them a more secure investment for bondholders as it provides an additional layer of recourse.

Yes, the notes were issued pursuant to an indenture and a supplemental indenture, which contain customary covenants and events of default, as is standard for such debt issuances.