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Published on 5/1/2023 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Comcast, Sky launch tender offers for four series of debt securities

By Marisa Wong

Los Angeles, May 1 – Comcast Corp. and subsidiary Sky Ltd. have begun cash tender offers to purchase any and all of the outstanding notes from four series, according to a press release.

The companies are offering to purchase any and all of the following debt securities:

• $2.5 billion outstanding 3.7% notes due April 15, 2024 (Cusip: 20030NCR0) issued by Comcast, with pricing to be based on the 0.375% U.S. Treasury due April 15, 2024 and a fixed spread of 0 basis points;

• $500 million outstanding floating-rate notes due April 15, 2024 (Cusip: 20030NCX7) issued by Comcast for a consideration of $1,006 per $1,000 principal amount;

• $1.25 billion outstanding 3.75% senior notes due Sept. 16, 2024 (Cusip: 111013AL2, G15632AP0) issued by Sky, with pricing to be based on the 0.375% U.S. Treasury due Sept. 15, 2024 and a fixed spread of 25 bps; and

• $993.4 million outstanding 3.375% notes due Feb. 15, 2025 (Cusip: 20030NBL4) issued by Comcast, with pricing to be based on the 2% U.S. Treasury due Feb. 15, 2025 and a fixed spread of 5 bps.

Holders whose notes are accepted for purchase will also receive accrued interest.

Pricing will be determined at 11 a.m. ET on May 5.

The offers will expire at 5 p.m. ET on May 5. Tenders may be withdrawn prior to the deadline.

The guaranteed delivery date is May 9.

Settlement is slated for May 10.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) and TD Securities (USA) LLC (866 584-2096 or 212 827-2842; LM@tdsecurities.com) are joint dealer managers for the offers.

The tender and information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 877 487-5045 for all others; cmcsa@dfking.com; https://www.dfking.com/cmcsa).

Comcast is a Philadelphia-based media and technology company.


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