By Aleesia Forni
Virginia Beach, May 19 – Comcast Corp. sold $4 billion of senior notes (A3/A-/A-) on Tuesday in three tranches, according to informed sources.
A $1.5 billion tranche of 3.375% notes due 2025 sold at 99.875 to yield 3.39%, or Treasuries plus 110 basis points.
Pricing was on top of guidance, which had tightened from initial guidance set in the Treasuries plus 120 bps to 125 bps range.
The company also sold $800 million of 4.4% notes due 2035 at 99.939 to yield 4.405%, or Treasuries plus 130 bps.
The notes sold on top of guidance. Initial talk was set in the range of Treasuries plus 140 bps to 145 bps.
Finally, $1.7 billion of 4.6% notes due 2045 sold at 99.925 to yield 4.605%.
Pricing was on top of talk with a spread of Treasuries plus 150 bps.
The notes were initially talked at Treasuries plus 160 bps to 165 bps.
Proceeds will be used for general corporate purposes and working capital.
The active bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC. Deutsche Bank Securities Inc., SMBC Nikko and UBS Securities LLC were the passive bookrunners.
Comcast is a Philadelphia-based provider of entertainment, information and communication products and services.
| Issuer: | Comcast Corp.
|
| Guarantors: | Comcast Cable Communications, LLC, Comcast Cable Holdings, LLC, Comcast MO Group, Inc., Comcast MO of Delaware, LLC, NBC Universal Media, LLC
|
| Issue: | Senior notes
|
| Amount: | $4 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., SMBC Nikko, UBS Securities LLC
|
| Trade date: | May 19
|
| Settlement date: | May 27
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Aug. 15, 2025
|
| Coupon: | 3.375%
|
| Price: | 99.875
|
| Yield: | 3.39%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 110 bps, tightened from 120 bps to 125 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
|
|
| 20-year bonds
|
| Amount: | $800 million
|
| Maturity: | Aug. 15, 2035
|
| Coupon: | 4.4%
|
| Price: | 99.939
|
| Yield: | 4.405%
|
| Spread: | Treasuries plus 130 bps
|
| Price guidance: | Treasuries plus 130 bps, tightened from 140 bps to 145 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
|
|
| 30-year bonds
|
| Amount: | $1.7 billion
|
| Maturity: | Aug. 15, 2045
|
| Coupon: | 4.6%
|
| Price: | 99.925
|
| Yield: | 4.605%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 150 bps, tightened from 160 bps to 165 bps
|
| Make-whole call: | Treasuries plus 25 bps
|
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