Silver Spring,
Md. – Discovery Communications (NASD: DISCA),
the cable programmer behind networks such as the Discovery Channel, TLC and
Animal Planet, said that it plans to raise $3 billion through a massive notes
offering.
The company has priced $850 million of notes due in 2015, $1.3 billion
due in 2020 and another $850 million due in 2040. The sale is expected to close
next Thursday.
The company said that it will use $1.9 billion of the proceeds,
plus cash on hand, to prepay outstanding amounts under a pair of term loans due
in 2014.
It will also use another $1.05 billion to prepay outstanding principal
on senior notes.
Shares of Discovery were up 2% in Thursday’s midday trading on
the Nasdaq.
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