Discovery Communications, LLC $6.3 Billion and £400 Million Senior Notes Offerings

Davis Polk advised the bookrunners and representatives of the several underwriters in connection with SEC-registered offerings by Discovery Communications, LLC of $400 million aggregate principal amount of floating-rate senior notes due 2019, $500 million aggregate principal amount of 2.20% senior notes due 2019, $1.2 billion aggregate principal amount of 2.95% senior notes due 2023, £400 million aggregate principal amount of 2.50% senior notes due 2024, $1.7 billion aggregate principal amount of 3.95% senior notes due 2028, $1.25 billion aggregate principal amount of 5.00% senior notes due 2037 and $1.25 billion aggregate principal amount of 5.20% senior notes due 2047. The net proceeds from the offerings were approximately $6.8 billion, which Discovery intends to use to partially finance its acquisition of Scripps Networks Interactive, Inc. 

Based in Silver Spring, Maryland, Discovery is a global media company that provides content across multiple distribution platforms, including linear platforms such as pay-television, free-to-air and broadcast television and various digital distribution platforms around the world. Discovery distributes customized content in the United States and over 220 other countries and territories in over 40 languages. Discovery’s global portfolio of networks includes prominent nonfiction television brands such as Discovery Channel, TLC, Animal Planet, Investigation Discovery, Science and Velocity (known as Turbo outside of the U.S.).

The Davis Polk corporate team included partners Richard A. Drucker and Derek Dostal and associates Jeannette K. Safi, Evan Leitner, Mahfouz Basith and Joshua S. Sills. European counsel John Taylor advised on certain English corporate law matters. Counsel Ethan R. Goldman provided tax advice. Partner Frank J. Azzopardi and associate Paul S. Lee provided intellectual property and technology advice. Members of the Davis Polk team are based in the New York and London offices.