Published on 8/1/2017 in the Prospect News Investment Grade Daily.
New Issue: Comcast prices $2.5 billion of guaranteed notes in two tranches
By Cristal Cody
Tupelo, Miss., Aug. 1 – Comcast Corp. sold $2.5 billion of notes (A3/A-/A-) in two parts on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
Comcast priced $1.65 billion of 3.15% notes due Feb. 15, 2028 at 99.937 to yield 3.157%, or 90 basis points over Treasuries.
The company sold $850 million of 4% 30-year notes at 99.808 to yield 4.011% and with a Treasuries plus 115 bps spread.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. were the bookrunners.
The notes are guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC.
Proceeds will be used for working capital and general corporate purposes, which may include the redemption or repayment of its 6.3% notes due Nov. 15, 2017 and the repayment of a portion of its outstanding commercial paper.
Comcast is a media and technology company based in Philadelphia.
| Issuer: | Comcast Corp.
|
| Guarantors: | Comcast Cable Communications, LLC and NBCUniversal Media, LLC
|
| Amount: | $2.5 billion
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| Description: | Notes
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc.
|
| Co-managers: | Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Wells Fargo Securities LLC, Allen & Co. LLC, Commerz Markets LLC, DNB Markets, Inc., Evercore Group LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., ICBC Standard Bank plc and SG Americas Securities, LLC
|
| Junior co-managers: | Academy Securities, Inc., CastleOak Securities, LP, Drexel Hamilton, LLC, Loop Capital Markets LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Inc., Siebert Cisneros Shank & Co., LLC and Williams Capital Group, LP
|
| Trade date: | Aug. 1
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| Settlement date: | Aug. 7
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| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
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| Amount: | $1.65 billion
|
| Maturity: | Feb. 15, 2028
|
| Coupon: | 3.15%
|
| Price: | 99.937
|
| Yield: | 3.157%
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call before Nov. 15, 2027 at greater of par and Treasuries plus 15 bps; thereafter at par
|
|
|
| 30-year notes
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| Amount: | $850 million
|
| Maturity: | Aug. 15, 2047
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| Coupon: | 4%
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| Price: | 99.808
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| Yield: | 4.011%
|
| Spread: | Treasuries plus 115 bps
|
| Call feature: | Make-whole call before Feb. 15, 2047 at greater of par and Treasuries plus 20 bps; thereafter at par
|
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