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

Comcast, Sky announce pricing of tender offers for four series

By Wendy Van Sickle

Columbus, Ohio, May 5 – Comcast Corp. and subsidiary Sky Ltd. announced pricing of their cash tender offers to purchase any and all of the outstanding notes from four series, according to a press release.

The offers were announced on May 1.

The companies are offering to purchase any and all of the following debt securities at the considerations listed per $1,000 principal amount:

• $2.5 billion outstanding 3.7% notes due April 15, 2024 (Cusip: 20030NCR0) issued by Comcast, with pricing set at $990.17, 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 fixed consideration of $1,006;

• $1.25 billion outstanding 3.75% senior notes due Sept. 16, 2024 (Cusip: 111013AL2, G15632AP0) issued by Sky, with pricing set at $988.45, 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 set at $987.16, 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 was 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 Tenders may be withdrawn prior to the deadline.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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