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For Scripps deal, Discovery boosts revolver and sets new term loan

Published 08/15/2017, 03:07 PM
© Reuters.  For Scripps deal, Discovery boosts revolver and sets new term loan
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  • Related to its deal to acquire Scripps Networks Interactive (SNI -0.3%), Discovery Communications (DISCA -0.4%) is taking on a new loan and boosting the size of its revolving credit.
  • The company has increased its revolving credit facility to $2.5B from $2B and extended its maturity date to Aug. 11, 2022, along with re-setting covenants around leverage ratios.
  • It's also entered into a credit agreement with Goldman Sachs (NYSE:GS) for two tranches of a term loan: $1B in a three-year tranche and $1B in a five-year tranche, with proceeds paying part of the cash consideration in the Scripps Networks deal.
  • The term loans will bear interest either at Libor plus 87.l5-187.5 basis points, or a base rate plus 0-87.5 basis points.
  • SEC filing
  • Now read: New Stocks On Dividend Growth Model Portfolio: July 2017


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