June 25, 2018 2:28 PM ET

Media

Company Overview of Discovery Communications, LLC

Company Overview

Discovery Communications, LLC operates television broadcasting stations. The company was incorporated in 1991 and is based in Silver Spring, Maryland. Discovery Communications, LLC operates as a subsidiary of Discovery Communications Holding, LLC.

1 Discovery Place

Silver Spring, MD 20910

United States

Founded in 1991

Phone:

240-662-2000

Fax:

240-662-1868

Key Executives for Discovery Communications, LLC

Chief Financial Officer and Senior Executive Vice President
Age: 51
CEO of Discovery Communications Holding LLC and President of Discovery Communications Holding LLC
Age: 57
Chief Accounting Officer
Age: 55
Chief Technology Officer
Chief Development, Distribution & Legal Officer
Age: 50
Compensation as of Fiscal Year 2017.

Discovery Communications, LLC Key Developments

Discovery Communications, Inc. Announces Pricing of Senior Notes

Discovery Communications Inc. announced that Discovery Communications, LLC has priced an offering of $400 million aggregate principal amount of Floating Rate Senior Notes due 2019, $500 million aggregate principal amount of 2.200% Senior Notes due 2019 (the "2019 Fixed Rate Notes" and, together with the 2019 Floating Rate Notes, the "2019 Notes"), $1,200 million aggregate principal amount of 2.950% Senior Notes due 2023 (the "2023 Notes"), $1,700 million aggregate principal amount of 3.950% Senior Notes due 2028 (the "2028 Notes"), $1,250 million aggregate principal amount of 5.000% Senior Notes due 2037 (the "2037 Notes") and $1,250 million aggregate principal amount of 5.200% Senior Notes due 2047 (the "2047 Notes", and together with the 2019 Notes, 2023 Notes, 2028 Notes and 2037 Notes, the "Notes"). Each series of Notes will be issued by DCL and guarantee by the Company. The 2019 Floating Rate Notes were priced at 100.000% of their principal amount and will bear interest at a floating rate equal to the three-month LIBOR plus 0.71%, reset quarterly. The 2019 Fixed Rate Notes were priced at 99.961% of their principal amount to yield 2.220% to maturity. The 2023 Notes were priced at 99.874% of their principal amount to yield 2.975% to maturity. The 2028 Notes were priced at 99.643% of their principal amount to yield 3.992% to maturity. The 2037 Notes were priced at 99.900% of their principal amount to yield 5.008% to maturity. The 2047 Notes were priced at 99.879% of their principal amount to yield 5.208% to maturity. The sale of the Notes is expected to close on September 21, 2017, subject to customary closing conditions. The Notes will be unsecured and will rank equally with all of DCL's other unsecured senior indebtedness. The Notes will be fully and unconditionally guaranteed on an unsecured and unsubordinated basis by the company. DCL expects the aggregate net proceeds from the offering of the Notes to be approximately $6.235 billion after deducting the underwriting discount and estimated expenses related to the offering of the Notes.

Discovery Communications Seeks Acquisitions

Discovery Communications, LLC intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes unless otherwise indicated in the applicable prospectus supplement. General corporate purposes may include the acquisition of companies or businesses, repayment and refinancing of debt, working capital and capital expenditures.

Discovery Communications, LLC Enters into the Amendment No. 1 to Amended and Restated Credit Agreement

On August 11, 2017, Discovery Communications, LLC, a wholly owned subsidiary of Discovery Communications Inc., certain other wholly owned subsidiaries of DCL, Discovery, as guarantor, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, (in its capacity as administrative agent, the “Administrative Agent”) entered into the Amendment No. 1 to Amended and Restated Credit Agreement (the “Amendment”), which amended that certain Amended and Restated Credit Agreement, dated as of February 4, 2016, among DCL, Discovery, the other subsidiaries of DCL party thereto, the lenders party thereto and the Administrative Agent (the “Existing Credit Agreement”). Pursuant to the Amendment, the Lenders agreed to certain modified terms in respect of the Existing Credit Agreement, including: the recently announced acquisition of scripps networks interactive, inc. (the “scripps acquisition), the incurrence of indebtedness to finance the scripps acquisition and the assumption of certain indebtedness in connection with the scripps acquisition and certain related transactions were expressly permitted, and discovery agreed to have scripps networks interactive, inc. become a guarantor thereunder following the closing of the scripps acquisition; the aggregate revolving commitments thereunder were increased from $2.0 billion to $2.5 billion; the maturity date was extended from february 4, 2021 to august 11, 2022; the financial covenants were modified to reset the level for the consolidated leverage ratio financial covenant to 5.50 to 1.00, with step-downs to 5.00 to 1.00 and to 4.50 to 1.00, one year and two years after the closing of the scripps acquisition, respectively, and certain other changes to permit the incurrence of debt to finance the scripps acquisition prior to the closing thereof; and certain lenders agreed to issue euro-denominated swing line loans up to an aggregate sublimit of $150 million. The interest rates for all loans under the Existing Credit Agreement, as amended pursuant to the Amendment, as well as the fees associated with drawn amounts, will remain the same as under the Existing Credit Agreement. In connection with entering into the Amendment, the Borrower paid certain consent fees to the lenders and certain arrangement fees to the arrangers of the Amendment. In addition, on August 11, 2017, Discovery and DCL entered into a credit agreement (the “Term Loan Credit Agreement”) with Goldman Sachs Bank USA, as administrative agent and the other lenders party thereto. The Term Loan Agreement provides for total term loan commitments of $1.0 billion in a 3-year tranche and $1.0 billion in a 5-year tranche, for an aggregate principal amount of $2.0 billion (the “Term Loan Facility”). The proceeds of the Term Loan Facility will be used to pay a portion of the cash consideration in connection with the Scripps Acquisition and pay some or all of the related fees and expenses. The obligations of DCL under the Term Loan Credit Agreement are unsecured and are guaranteed by Discovery and, following the closing of the Scripps Acquisition, will be guaranteed by Scripps Networks Interactive Inc. The Term Loan Facility will be funded by the lenders upon the satisfaction of certain conditions, including the consummation of the Scripps Acquisition. The loans under the Term Loan Facility will have an interest rate equal to either a LIBOR rate, plus a margin of 87.5 to 187.5 basis points, or a base rate, plus a margin of 0 to 87.5 basis points. The applicable margin will be determined based on the credit ratings of DCL’s non-credit-enhanced, senior unsecured long-term debt.

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