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Discovery unit closes $1.5B note offering

Discovery Inc. unit Discovery Communications LLC closed its previously announced offering of $750 million in 4.125% senior notes due 2029 and $750 million in 5.300% senior notes due 2049.

The notes were sold pursuant to a May 16 underwriting agreement among Discovery Communications, Discovery Inc.'s Scripps Networks Interactive Inc. and Barclays Capital Inc. and J.P. Morgan Securities LLC, as the representatives of the several underwriters.

Discovery Communications intends to use the net proceeds of about $1.48 billion to fund the redemption of approximately $1.27 billion of its outstanding 2.750% senior notes due November 2019 and its 5.050% senior notes due June 2020 as well as Scripps' outstanding 2.750% senior notes due November 2019, Discovery disclosed in a May 21 filing.

The company intends to use any remaining proceeds for general corporate purposes.