New Issue: Comcast prices $2.25 billion of notes with 10-, 30-year maturities

By Andrea Heisinger

New York, June 26 - Comcast Corp. sold $2.25 billion of notes (Baa1/BBB+/BBB+) in two maturities on Tuesday, a source close to the deal said.

A $1 billion tranche of 3.125% 10-year notes priced at 99.914 to yield 3.135% with a spread of Treasuries plus 150 basis points. The notes were priced at the tight end of talk in the Treasuries plus 155 bps area, plus or minus 5 bps.

There is a make-whole call at Treasuries plus 25 bps.

The $1.25 billion of 4.65% 30-year bonds sold at 99.918 to yield 4.655% with a spread of 195 bps over Treasuries. The tranche was sold at the low end of guidance in the 195 bps to 200 bps range.

The bonds have a make-whole call at 30 bps over Treasuries.

Bookrunners were Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Wells Fargo Securities LLC.

Co-managers were Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Lloyds Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, RBS Securities Inc., Sumitomo Finance International plc, SunTrust Robinson Humphrey, Inc., UBS Securities LLC, Santander Investment Securities Inc., U.S. Bancorp Investments, Inc., DnB NOR Markets, Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Allen & Co. LLC and Gleacher & Co. Securities, Inc.

Junior co-managers were Loop Capital Markets, LLC, Williams Capital Group, LP, Drexel Hamilton, LLC, MFR Securities, Inc. and Samuel A. Ramirez & Co., Inc.

The securities are guaranteed by Comcast Cable Communications, LLC, Comcast Cable Holdings, LLC, Comcast MO Group, Inc. and Comcast MO of Delaware, LLC.

Proceeds will be used to redeem $575 million of 6.625% notes due in May 2056 and $202 million of 10.625% notes due in July.

Comcast was last in the market with a $2.4 billion deal in two tranches on Feb. 24, 2010. A 5.15% 10-year note from that deal priced at 147 bps over Treasuries, and a 6.4% 30-year bond sold at 180 bps over Treasuries.

The telecommunications company is based in Philadelphia.

Issuer:	Comcast Corp.
Guarantors:	Comcast Cable Communications, LLC, Comcast Cable Holdings, LLC, Comcast MO Group, Inc., Comcast MO of Delaware, LLC
Issue:	Notes
Amount:	$2.25 billion
Bookrunners:	Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC
Co-managers:	Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Lloyds Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, RBS Securities Inc., Sumitomo Finance International plc, SunTrust Robinson Humphrey, Inc., UBS Securities LLC, Santander Investment Securities Inc., U.S. Bancorp Investments, Inc., DnB NOR Markets, Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Allen & Co. LLC, Gleacher & Co. Securities, Inc.
Junior co-managers:	Loop Capital Markets, LLC, Williams Capital Group, LP, Drexel Hamilton, LLC, MFR Securities, Inc., Samuel A. Ramirez & Co., Inc.
Trade date:	June 26
Settlement date:	July 2
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB+
	Fitch: BBB+
10-year notes
Amount:	$1 billion
Maturity:	July 15, 2022
Coupon:	3.125%
Price:	99.914
Yield:	3.135%
Spread:	Treasuries plus 150 bps
Call:	Make-whole at Treasuries plus 25 bps
Price talk:	155 bps area, plus or minus 5 bps
30-year bonds
Amount:	$1.25 billion
Maturity:	July 15, 2042
Coupon:	4.65%
Price:	99.918
Yield:	4.655%
Spread:	Treasuries plus 195 bps
Call:	Make-whole at Treasuries plus 30 bps
Price talk:	195 bps to 200 bps

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