01—Abstract
Summary
Summary of the 8-K filed September 13, 2005. Cited figures are marked; the original filing is the authoritative source.
Comcast Corporation (CMCSA) filed an 8-K on September 12, 2005, to report significant debt-related actions.
The company announced that it has fully and unconditionally guaranteed two specific debt issuances by its subsidiary, Comcast Holdings Corporation (Holdings): the 2.0%a Exchangeable Subordinated Debentures due 2029 (referred to as "Listed ZONES") and the 10 5/8% Senior Subordinated Debentures due 2012. These guarantees are subordinated to Comcast's senior indebtedness. Furthermore, this filing details the deregistration of Comcast Holdings Corporation from certain SEC reporting requirements.
Following the parent company's guarantee of the "Listed ZONES" and the 10 5/8%b Senior Subordinated Debentures due 2012, and the filing of a Form 15 related to its "Unlisted ZONES," Holdings will no longer be obligated to file its own quarterly and annual reports. Financial information pertaining to Holdings will be consolidated into Comcast's filings.
02—Key points
Key Highlights
- Comcast Corporation has fully and unconditionally guaranteed its subsidiary's (Holdings) 2.0% Exchangeable Subordinated Debentures due 2029 (Listed ZONES).
- Comcast Corporation has also fully and unconditionally guaranteed its subsidiary's (Holdings) 10 5/8% Senior Subordinated Debentures due 2012.
- Both guarantees are subordinated to Comcast's senior indebtedness.
- Comcast Holdings Corporation has filed a Form 15 to deregister its "Unlisted ZONES" debt issuance.
- As a result of these actions, Comcast Holdings Corporation will cease filing its own periodic reports (10-K, 10-Q).
- Financial information for Holdings will now be integrated into Comcast's consolidated financial statements.
- The "Listed ZONES" are listed on the NYSE under the symbol "CCZ".
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
This 8-K filing is to inform investors that Comcast Corporation is providing full and unconditional guarantees for specific debt issuances by its subsidiary, Comcast Holdings Corporation. It also announces the deregistration of Comcast Holdings Corporation from certain SEC reporting requirements.
What debt is Comcast Corporation guaranteeing?
Comcast Corporation is guaranteeing two specific debt issuances of Comcast Holdings Corporation: the 2.0% Exchangeable Subordinated Debentures due 2029 (known as "Listed ZONES") and the 10 5/8% Senior Subordinated Debentures due 2012.
What is the impact of these guarantees and the Form 15 filing on Comcast Holdings Corporation?
Following these actions, Comcast Holdings Corporation will no longer be required to file its own quarterly reports on Form 10-Q or annual reports on Form 10-K. Its financial information will be included within Comcast Corporation's consolidated financial statements.
Are these guarantees senior or subordinated?
The guarantees provided by Comcast Corporation are subordinated in right of payment to the prior payment in full of all of Comcast's senior indebtedness.
04—Continue