New Issue: Comcast details $27 billion sale of senior notes priced in 12 parts

By Cristal Cody

Tupelo, Miss., Oct. 3 – Comcast Corp. provided additional details of its previously reported $27 billion of guaranteed senior notes (A3/A-/A-) priced in 12 tranches on Tuesday in an FWP filing with the Securities and Exchange Commission.

The company sold $1.25 billion of two-year floating-rate notes at par to yield Libor plus 33 basis points.

A $1.75 billion tranche of 3.3% two-year fixed-rate notes priced with a spread of 50 bps over Treasuries, or 99.972 to yield 3.315%.

Comcast sold $1 billion of three-year floating-rate notes at Libor plus 44 bps and priced a $2 billion tranche of 3.45% three-year fixed-rate notes with a Treasuries plus 60 bps spread. The fixed-rate notes priced at 99.899 to yield 3.486%.

A $500 million issue of floating-rate notes due April 15, 2024 was sold at par to yield Libor plus 63 bps. Comcast also priced $2.5 billion of 3.7% notes due April 15, 2024 at 99.994 to yield 3.701%, or a 75 bps over Treasuries spread.

In a seven-year tranche, Comcast sold $3 billion of 3.95% notes at a spread of 95 bps over Treasuries, or 99.877 to yield 3.97%.

The company placed $4 billion of 4.15% 10-year notes with a Treasuries plus 110 bps spread, or 99.95 to yield 4.156%.

A $1.5 billion offering of 4.25% notes due Oct. 15, 2030 came at a spread of 120 bps over Treasuries, or 99.943 to yield 4.256%.

Comcast sold $3 billion of 4.6% notes due Oct. 15, 2038 at a Treasuries plus 140 bps spread. The notes priced at 99.934 to yield 4.605%.

In a 30-year slice, the company priced $4 billion of 4.7% bonds with a spread of 150 bps over Treasuries, or 99.918 to yield 4.705%.

Finally, a $2.5 billion tranche of 4.95% notes due Oct. 15, 2058 priced at a 175 bps over Treasuries spread. The bonds priced at 99.912 to yield 4.955%.

BofA Merrill Lynch, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG and SMBC Nikko Securities America, Inc. were the bookrunners.

The company held fixed income investor calls on Monday for the offering. The deal was announced early Tuesday as a nine-part issue.

Comcast announced a week ago it offered $39 billion to win the bid away from Twenty-First Century Fox, Inc. for Sky plc, a London-based media and telecommunications company.

Proceeds will be used to purchase Sky shares from shareholders and for market purchases.

Comcast is a media and technology company based in Philadelphia.

Issuer:	Comcast Corp.
Guarantors:	Comcast Cable Communications, LLC and NBCUniversal Media, LLC
Amount:	$27 billion
Description:	Senior notes
Bookrunners:	BofA Merrill Lynch, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG and SMBC Nikko Securities America, Inc.
Co-managers:	BNP Paribas Securities Corp., RBC Capital Markets, LLC, TD Securities (USA) LLC, Commerz Markets LLC, DNB Markets, Inc., PNC Capital Markets LLC, SG Americas Securities, LLC, U.S. Bancorp Investments, Inc. and Santander Investment Securities Inc.
Junior co-managers:	Academy Securities, Inc., Apto Partners, LLC, CastleOak Securities, LP, MFR Securities, Inc., Mischler Financial Group, Inc., Multi-Bank Securities, Inc., R. Seelaus & Co. Inc., Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP
Trade date:	Oct. 2
Settlement date:	Oct. 5
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
Marketing:	Fixed income investor calls
Two-year floaters
Amount:	$1.25 billion
Maturity:	Oct. 1, 2020
Coupon:	Libor plus 33 bps
Price:	Par
Yield:	Libor plus 33 bps
Call feature:	None
Two-year notes
Amount:	$1.75 billion
Maturity:	Oct. 1, 2020
Coupon:	3.3%
Price:	99.972
Yield:	3.315%
Spread:	Treasuries plus 50 bps
Call feature:	Make-whole call at greater of par and Treasuries plus 10 bps
Three-year floaters
Amount:	$1 billion
Maturity:	Oct. 1, 2021
Coupon:	Libor plus 44 bps
Price:	Par
Yield:	Libor plus 44 bps
Call feature:	None
Three-year notes
Amount:	$2 billion
Maturity:	Oct. 1, 2021
Coupon:	3.45%
Price:	99.899
Yield:	3.486%
Spread:	Treasuries plus 60 bps
Call feature:	Make-whole call at greater of par and Treasuries plus 10 bps
Five-year floaters
Amount:	$500 million
Maturity:	April 15, 2024
Coupon:	Libor plus 63 bps
Price:	Par
Yield:	Libor plus 63 bps
Call feature:	None
Five-year notes
Amount:	$2.5 billion
Maturity:	April 15, 2024
Coupon:	3.7%
Price:	99.994
Yield:	3.701%
Spread:	Treasuries plus 75 bps
Call features:	Make-whole call at greater of par and Treasuries plus 15 bps before March 15, 2024; thereafter at par
Seven-year notes
Amount:	$3 billion
Maturity:	Oct. 15, 2025
Coupon:	3.95%
Price:	99.877
Yield:	3.97%
Spread:	Treasuries plus 95 bps
Call features:	Make-whole call at greater of par and Treasuries plus 15 bps before Aug. 15, 2025; thereafter at par
10-year notes
Amount:	$4 billion
Maturity:	Oct. 15, 2028
Coupon:	4.15%
Price:	99.95
Yield:	4.156%
Spread:	Treasuries plus 110 bps
Call features:	Make-whole call at greater of par and Treasuries plus 20 bps before July 15, 2028; thereafter at par
12-year notes
Amount:	$1.5 billion
Maturity:	Oct. 15, 2030
Coupon:	4.25%
Price:	99.943
Yield:	4.256%
Spread:	Treasuries plus 120 bps
Call features:	Make-whole call at greater of par and Treasuries plus 20 bps before July 15, 2030; thereafter at par
20-year notes
Amount:	$3 billion
Maturity:	Oct. 15, 2038
Coupon:	4.6%
Price:	99.934
Yield:	4.605%
Spread:	Treasuries plus 140 bps
Call features:	Make-whole call at greater of par and Treasuries plus 25 bps before April 15, 2038; thereafter at par
30-year notes
Amount:	$4 billion
Maturity:	Oct. 15, 2048
Coupon:	4.7%
Price:	99.918
Yield:	4.705%
Spread:	Treasuries plus 150 bps
Call features:	Make-whole call at greater of par and Treasuries plus 25 bps before April 15, 2048; thereafter at par
40-year notes
Amount:	$2.5 billion
Maturity:	Oct. 15, 2058
Coupon:	4.95%
Price:	99.912
Yield:	4.955%
Spread:	Treasuries plus 175 bps
Call features:	Make-whole call at greater of par and Treasuries plus 30 bps before April 15, 2058; thereafter at par

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