US cable giant Comcast has priced two tranches of notes to raise US$2.2bn as it looks to refinance debt and bolster its operating liquidity.
The offering comes days after Comcast agreed to merge with Time Warner Cable in a US$45.2bn deal, although the…
US cable giant Comcast has priced two tranches of notes to raise US$2.2bn as it looks to refinance debt and bolster its operating liquidity.
The offering comes days after Comcast agreed to merge with Time Warner Cable in a US$45.2bn deal, although the bond is not directly connected to the transaction.
The notes are split into US$1.2bn of 3.60% notes due 2024 and US$1bn of 4.75% notes due 2044.
The 10-year notes will yield 93 bps more than similar-maturity treasuries and the 30-year debt is set to yield 110 bps more than benchmarks.
A Comcast spokesperson said it is using the proceeds to repay amounts outstanding under its commercial paper program – about US$1.2bn – and to repay a portion of NBCUniversal’s US$900m principal amount of 2.1% notes due 1 April 2014.
BNP Paribas, BofA Merrill Lynch, RBC Capital Markets and Wells Fargo are acting as joint book-running managers on the transaction.
The notes were rated A3 by Moody’s and A- by S&P and Fitch.
