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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 Tenders may be withdrawn prior to the deadline.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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