Discovery, Inc. said it’s closed on a planned debt refinancing ahead of schedule, saying Thursday it used $1.5 billion out of $2 billion it recently raised in a bond sale to pay down old debt. Earl…
did something similar yesterday, raising $4 billion in a bond sale and earmarking all of to refinance existing debt that comes due later. In both cases, the cash raised by bond sales was specificically earmarked to refinance.
Media companies have been raising cash rapidly in recent month to build a cushion against the business devastation of coronavirus. In some cases, like exhibitor AMC Entertainment, the liquidity was needed to keep the lights on. In other cases like Disney and Comcast, building up a bit of a war chest was considered prudent given the lack of operational visibility.
In late March, Discovery tapped $500 million of a $2.5 billion revolving credit facility – another way to access cash. This is the first time the company ha tapped the debt market since the crisis.
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