Discovery Withdraws 2020 Fiscal Outlook, Draws Down $500 Million Amid Coronavirus Outbreak
Discovery disclosed in an SEC filing Tuesday that amid the outbreak of the novel coronavirus COVID-19, it has drawn down $500 million under its credit facility to boost its cash position and withdrawn its outlook for the fiscal year.
“On March 12, 2020, the Company drew down $500 million under the credit facility to increase its cash position and maximize flexibility in light of the current uncertainty surrounding the impact of COVID-19,” said the company in an SEC filing.
