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Discovery Issues $1.2 Billion of Bonds in First Sale Since May

Discovery Communications Inc., owner of cable networks TLC and Animal Planet, raised $1.2 billion in its first bond sale in 10 months.

The company’s $350 million of 3.25 percent, 10-year debt yields 125 basis points more than similar-maturity Treasuries and $850 million of 4.875 percent, 30-year bonds pay a spread of 165 basis points, according to data compiled by Bloomberg. The offering was marketed earlier today at $1 billion.

Discovery is expected to use most of the proceeds to help fund its $1.7 billion acquisition of German broadcaster ProSiebenSat.1 Media AG’s SBS Nordic unit, consisting of television networks in Norway, Sweden, Denmark and Finland, Moody’s Investors Service said today in a statement. Moody’s will rate the bonds Baa2, its second-lowest investment-grade ranking.

Discovery last sold securities in May, issuing $500 million each of 3.3 percent, 10-year notes at a relative yield of 155 basis points and 4.95 percent, 30-year notes at 195 basis points, Bloomberg data show. The notes due 2042 traded at 102.5 cents on the dollar to yield 4.79 percent on March 8, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Bank of America Corp., Credit Suisse Group AG and JPMorgan Chase & Co. managed the offering for the Silver Spring, Maryland-based company, Bloomberg data show.

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