By Andrea Heisinger
New York, Feb. 24 - Comcast Corp. sold $2.4 billion of senior unsecured notes (Baa1/BBB+/BBB+) on Wednesday in two tranches, a market source connected to the sale said.
The $1.4 billion of 5.15% 10-year notes priced at 99.899 to yield 5.163%, or Treasuries plus 147 basis points. They have a make-whole call at Treasuries plus 25 bps.
A $1 billion tranche of 6.4% 30-year bonds sold at 99.524 to yield 6.436%, or 180 bps over Treasuries. The notes are callable a make-whole amount of 30 bps over Treasuries.
Both tranches priced tight to talk, but only after guidance was widened by 10 bps, a source said. The 10-year notes were initially whispered in the 140 bps area and then revised to the 150 bps area. Talk on the 30-year bonds was similarly changed, with initial guidance in the 170 bps area and then changed to the 180 bps area.
Deutsche Bank Securities Inc., Mitsubishi UFJ Securities, RBS Securities Inc. and UBS Investment Bank ran the books.
Proceeds are being used to fund a portion due to General Electric Co. for the acquisition of NBC Universal Inc. and to repay its 5.45% notes due in November.
The telecommunications company is based in Philadelphia.
| Issuer: | Comcast Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $2.4 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., Mitsubishi UFJ Securities, RBS Securities Inc., UBS Investment Bank
|
| Trade date: | Feb. 24
|
| Settlement date: | March 1
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
|
|
| 10-year notes
|
| Amount: | $1.4 billion
|
| Maturity: | March 1, 2020
|
| Coupon: | 5.15%
|
| Price: | 99.899
|
| Yield: | 5.163%
|
| Spread: | Treasuries plus 147 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 140 bps area (whispered), revised to 150 bps area
|
|
|
| 30-year bonds
|
| Amount: | $1 billion
|
| Maturity: | March 1, 2040
|
| Coupon: | 6.4%
|
| Price: | 99.524
|
| Yield: | 6.436%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 170 bps area (whispered), 180 bps area
|
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