Comcast, Sky announce results of tender offers for four series

By Mary-Katherine Stinson

Lexington, Ky., May 8 – Comcast Corp. and subsidiary Sky Ltd. announced the results of their cash tender offers to purchase any and all of the outstanding notes from four series, according to a press release attached to an 8-K filing with the Securities and Exchange Commission.

The offers were announced on May 1.

The results of the offers, in which the companies were offering to purchase any and all of the following debt securities at the considerations listed per $1,000 principal amount, are as follows:

• $1,285,159,000 of the $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, were tendered and accepted for purchase;

• $260,121,000 of the $500 million outstanding floating-rate notes due April 15, 2024 (Cusip: 20030NCX7) issued by Comcast for a fixed consideration of $1,006 were tendered and accepted for purchase;

• $755,181,000 of the $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, were tendered and accepted for purchase; and

• $574,109,000 of the $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, were tendered and accepted for purchase.

Not included in the above totals are $863,000 of the 3.7% notes, $468,000 of the floating-rate notes due 2024, $6,533,000 of the 3.75% senior notes and $5,924,000 of the 3.375% notes tendered according to guaranteed delivery procedures.

Accrued interest will also be paid.

Pricing was determined at 11 a.m. ET on May 5.

The offers expired at 5 p.m. ET on May 5. Tenders could be withdrawn prior to the deadline.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).

On May 1, Comcast priced an offering of $5 billion new notes in an offering expected to close on May 9, subject to customary closing conditions. Comcast intends to use all or a portion of the proceeds from the new issue to fund the purchase of the Comcast notes. Sky intends to fund the purchase of the 3.75% notes with cash on hand.

Comcast is a Philadelphia-based media and technology company.

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