Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-205774
March 8, 2016
Pricing Term Sheet
March 8, 2016
Discovery Communications, LLC
$500,000,000 4.900% Senior Notes due 2026
|Issuer:||Discovery Communications, LLC|
|Guarantor:||Discovery Communications, Inc.|
|Security Type / Format:||Senior Notes / SEC registered|
|Maturity Date:||March 11, 2026|
|Benchmark Treasury:||1.625% UST due February 15, 2026|
|Benchmark Treasury Spot and Yield:||98-07 / 1.822%|
|Spread to Benchmark Treasury:||T+312.5 bps|
|Yield to Maturity:||4.947%|
|Price to Public:||99.633%|
|Net Proceeds to Issuer (after underwriting discount, but before expenses):||$494,915,000|
|Interest Payment Dates:||March 11 and September 11 of each year, beginning September 11, 2016|
|Make-Whole Call:||Prior to December 11, 2025, Adjusted Treasury Rate plus 50 basis point, plus accrued and unpaid interest, if any.|
|Par Call:||On or after December 11, 2025, plus accrued and unpaid interest, if any.|
|Trade Date:||March 8, 2016|
|Settlement Date:||March 11, 2016 (T+3)|
|CUSIP / ISIN:||25470D AL3 / US25470DAL38|
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*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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