01—Abstract
Summary
Summary of the 8-K filed November 19, 2010. Cited figures are marked; the original filing is the authoritative source.
Comcast Corporation (CMCSA) filed an 8-K on November 19, 2010, to report on the upcoming issuance of senior notes.
Specifically, the company announced its expectation to close on the sale of £625,000,000 principal amount of 5.50%a Notes due 2029 on November 23, 2010. These notes are being offered under a previously filed registration statement and will be guaranteed on an unsecured and unsubordinated basis by several of Comcast's cable subsidiaries. This filing is primarily informational, detailing the terms of the debt issuance and the entities involved.
Investors should note that this is a financing activity aimed at raising capital, with the proceeds likely intended for general corporate purposes or specific strategic initiatives. The specific use of proceeds is not detailed in this 8-K, but the unsecured and unsubordinated nature of the guarantee suggests it is a significant and senior part of Comcast's debt structure.
02—Key points
Key Highlights
- Comcast Corporation announced the upcoming issuance of £625,000,000 aggregate principal amount of 5.50% Senior Notes due 2029.
- The anticipated closing date for the note issuance is November 23, 2010.
- The notes will be guaranteed on an unsecured and unsubordinated basis by key cable subsidiaries, including Comcast Cable Communications, LLC.
- The offering is being conducted pursuant to Comcast's existing Form S-3 registration statement filed on April 27, 2009.
- The filing incorporates by reference several indenture agreements and an officers' certificate outlining the terms of the notes.
- Underwriters for the offering include Barclays Bank PLC, Deutsche Bank AG, Goldman Sachs International, and The Royal Bank of Scotland plc.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
This 8-K filing is primarily to inform investors about Comcast's upcoming issuance and sale of £625,000,000 in aggregate principal amount of its 5.50% Notes due 2029.
When is the expected closing date for the new debt issuance?
Comcast expects to consummate the issuance and sale of these notes on November 23, 2010.
Who is guaranteeing these new notes?
The notes are guaranteed on an unsecured and unsubordinated basis by specific Comcast subsidiaries: Comcast Cable Communications, LLC, Comcast Cable Holdings, LLC, Comcast MO Group, Inc., and Comcast MO of Delaware, LLC.
Under what existing filing are these notes being offered?
The notes are being offered pursuant to Comcast's Registration Statement on Form S-3, filed on April 27, 2009 (Registration No. 333-158816), along with a prospectus supplement dated November 17, 2010.
04—Continue