Discovery takes on new debt for Scripps purchase
August 16, 2017
By Chris Forrester
Discovery Communications is increasing its borrowing in order to part-fund its proposed purchase of Scripps Networks Interactive.
Discovery is increasing its revolving credit facilities from $2 billion to $2.5 billion, and extended the maturity date to the loan to August 11th 2022 (from February 4th 2021).
The broadcaster is also taking on fresh debt organised via investment bank Goldman Sachs. Discovery is borrowing two amounts: the first is for $1 billion and the term is three years, while the second tranche is for $1 billion but for a five-year term.
The news emerged in an SEC filing.