NBCUniversal gets consents to amend, guarantee Universal Orlando notes

By Susanna Moon

Chicago, Oct. 7 - NBCUniversal said holders agreed to amend the $260 million of 8.875% senior notes due Nov. 15, 2015 and $146.25 million of 10.875% senior subordinated notes due Nov. 15, 2016 issued by its wholly owned subsidiaries, Universal City Development Partners, Ltd. and UCDP Finance, Inc.

In return for the needed consents, NBCUniversal will fully and unconditionally guarantee both note series.

NBCUniversal began a consent solicitation and offer to guarantee the two series of notes on Sept. 8.

The company solicited the consents of holders to amend the notes to conform the covenants and events of default to those contained in NBCUniversal's public debt securities.

The guarantee was provided in exchange for consents of more than half of each note series by 5 p.m. ET on Oct. 6. Holders had to be of record as of the end of business on Sept. 8.

Both note series will be ranked pari passu with all of the NBCUniversal senior unsecured debt, which amounted to $9.15 billion as of Aug. 31.

NBCUniversal will not receive any proceeds from the consent solicitation, according to previous a press release from Comcast Corp., which owns a controlling 51% interest in the broadcasting and entertainment company based in New York City. General Electric Co. holds a 49% stake.

The Bank of New York Mellon is consent agent, and D.F. King & Co., Inc. (800 659-5550) is the information agent

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