SILVER SPRING, Md., May 10, 2012 /PRNewswire/ -- Discovery Communications, Inc. (Nasdaq: DISCA, DISCB, DISCK) (the "Company") announced today that Discovery Communications, LLC ("DCL") has priced an offering of $500 million aggregate principal amount of its 3.30% senior notes due 2022 (the "2022 Notes") and $500 million aggregate principal amount of its 4.95% senior notes due 2042 (the "2042 Notes" and together with the 2022 Notes, the "Notes").
The 2022 Notes were priced at 99.167% of their principal amount to yield 3.399% to maturity. The 2042 Notes were priced at 99.228% of their principal amount to yield 5.000% to maturity. The sale of the Notes is expected to close on May 17, 2012, 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 net proceeds from the offering of the Notes to be approximately $983.4 million after deducting the underwriting discount and estimated expenses related to the offering. DCL intends to use the net proceeds for general corporate purposes, including the acquisition of companies or businesses, repayment and refinancing of debt, working capital, capital expenditures and the repurchase by the Company of its common stock pursuant to its stock repurchase program. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc., Citigroup Global Markets Inc. and Credit Suisse Securities ( USA) LLC acted as joint book-running managers for the offering. BNP Paribas Securities Corp., Credit Agricole Securities ( USA) Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital ( USA) Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC acted as co-managers for the offering. DCL has filed a registration statement on Form S-3 (including a prospectus) with the Securities and Exchange Commission (the "SEC") for this offering. Prospective investors should read the prospectus forming a part of that registration statement and the prospectus supplement related to the offering and the other documents that DCL has filed with the SEC for more complete information about DCL and this offering. These documents are available at no charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, these documents will be made available upon request by DCL or by any underwriter or dealer participating in the offering. Interested parties may obtain a prospectus by calling J.P. Morgan Securities LLC collect at (212) 834-4533, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at (800) 294-1322 or RBS Securities Inc. toll-free at (866) 884-2071. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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