sections

Wednesday, 13 December 2017

Discovery agrees up to US$9.6bn loan for Scripps buy

  • Print
  • Share
  • Save

Related images

  • The Discovery Communications logo is seen at their office in Manhattan

Discovery Communications has secured committed financing from Goldman Sachs to help pay for its purchase of Scripps Networks, according to a filing on Monday.

Goldman will provide up to US$9.6bn through a 364-day senior unsecured bridge facility, the filing said. Bridge loans are usually paid down with bonds at a later stage.

Discovery is rated investment grade BBB- by S&P, while Scripps is rated Baa3/BBB/BBB+. The companies said the deal is expected to close in early 2018.

Discovery said on Sunday it was buying Scripps Networks Interactive for US$14.6bn.

The acquisition brings together lifestyle channels from Scripps, such as HGTV, Travel Channel and Food Network, with Discovery’s Animal Planet and Discovery Channel.

 

  • Print
  • Share
  • Save