New Issue: Comcast sells $4.5 billion of fixed-rate senior notes in three parts

By Cristal Cody

Tupelo, Miss., Aug. 11 – Comcast Corp. priced $4.5 billion of senior notes (A3/A-/A-) in three tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.

A $1.75 billion tranche of 1.5% notes due Feb. 15, 2031 priced at 99.663 to yield 1.535%, or a spread of 90 basis points over Treasuries.

Initial talk was at the Treasuries plus 105 bps area.

Comcast sold $1.5 billion of 2.45% notes due Aug. 15, 2052 at 99.21 to yield 2.486% and a spread of Treasuries plus 118 bps.

The notes were talked to print in the Treasuries plus 135 bps area.

Also, $1.25 billion of 2.65% notes due Aug. 15, 2062 priced at 99.098 to yield 2.686%, or a Treasuries plus 138 bps spread.

Price talk was at the 155 bps over Treasuries spread area.

BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC were the bookrunners.

The notes are guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC.

Proceeds will be used to refinance outstanding debt, including Comcast’s 3.125% notes due July 15, 2022 and its 2.85% notes due Jan. 15, 2023, NBCUniversal Media, LLC’s 2.875% notes due Jan. 15, 2023 and its 2.75% notes due March 1, 2023 and certain of its other debt with near-term maturities.

Comcast is a media and technology company based in Philadelphia.

Issuer:	Comcast Corp.
Guarantors:	Comcast Cable Communications, LLC and NBCUniversal Media, LLC
Amount:	$4.5 billion
Description:	Senior notes
Bookrunners:	BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC
Co-managers:	Barclays, BNP Paribas Securities Corp., Commerz Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, DNB Markets, Inc., ICBC Standard Bank plc, PNC Capital Markets LLC, SG Americas Securities, LLC, U.S. Bancorp Investments, Inc., Academy Securities, Inc., BNY Mellon Capital Markets, LLC, Loop Capital Markets LLC, Blaylock Van, LLC, CastleOak Securities, LP, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
Trade date:	Aug. 11
Settlement date:	Aug. 25
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
Notes due 2031
Amount:	$1.75 billion
Maturity:	Feb. 15, 2031
Coupon:	1.5%
Price:	99.663
Yield:	1.535%
Spread:	Treasuries plus 90 bps
Call features:	Make-whole call at greater of par and Treasuries plus 15 bps before Nov. 15, 2030; thereafter at par
Price guidance:	Treasuries plus 105 bps area
Notes due 2052
Amount:	$1.5 billion
Maturity:	Aug. 15, 2052
Coupon:	2.45%
Price:	99.21
Yield:	2.486%
Spread:	Treasuries plus 118 bps
Call features:	Make-whole call at greater of par and Treasuries plus 20 bps before Feb. 15, 2052; thereafter at par
Price guidance:	Treasuries plus 135 bps area
Notes due 2062
Amount:	$1.25 billion
Maturity:	Aug. 15, 2062
Coupon:	2.65%
Price:	99.098
Yield:	2.686%
Spread:	Treasuries plus 138 bps
Call features:	Make-whole call at greater of par and Treasuries plus 25 bps before Feb. 15, 2062; thereafter at par
Price guidance:	Treasuries plus 155 bps area

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