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Discovery launching debt offering for Scripps Networks bid; shares -2.1%

Published 09/07/2017, 12:16 PM
© Reuters.  Discovery launching debt offering for Scripps Networks bid; shares -2.1%
  • Discovery Communications (NASDAQ:DISCA) is launching a public debt offering in connection with its acquisition of Scripps Networks Interactive (NYSE:SNI).
  • DISCA has taken a dip, down 2.1%. SNI fell below the flat line, down 0.2%.
  • Few details are available; the company will offer one or more series of senior fixed-rate notes and senior floating-rate notes.
  • The proceeds are meant to supply part of the cash consideration for the buyout. The two came to a $14.6B cash-and-stock deal that they hope to close by early 2018.
  • Last month, it had increased the size of a revolving credit facility and taken on a new term loan.
  • Joint book-runners are Goldman Sachs (NYSE:GS), Citigroup (NYSE:C) Global Markets and Credit Suisse (SIX:CSGN) Securities.
  • Now read: Fed approves sale of Cabela's credit-card unit; shares jump 14%


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