8-KOther EventsExhibits & Filings

COMCAST CORP 8-K Report, Corporate Update (Jan 9, 2013)

Filed January 9, 2013For Securities:CMCSACCZ

Summary

Comcast Corporation (CMCSA) filed an 8-K on January 9, 2013, to report on an upcoming debt offering. The company announced its intention to consummate the issuance and sale of a substantial amount of notes, totaling $2.95 billion, on January 14, 2013. These notes are structured into three tranches with varying maturities and interest rates: $750 million in 2.850% Notes due 2023, $1.7 billion in 4.250% Notes due 2033, and $500 million in 4.500% Notes due 2043. This debt issuance, managed by Barclays Capital Inc., Goldman, Sachs & Co., and RBS Securities Inc., is backed by guarantees from Comcast's cable subsidiaries. The offering is being made under Comcast's existing shelf registration statement filed on Form S-3. For investors, this filing signals Comcast's active capital management and its strategy to raise funds through long-term debt, which could be used for general corporate purposes, capital expenditures, or acquisitions.

Key Highlights

  • 1Comcast to issue $2.95 billion in new notes on January 14, 2013.
  • 2Notes include $750M of 2.850% Notes due 2023.
  • 3Notes include $1.7B of 4.250% Notes due 2033.
  • 4Notes include $500M of 4.500% Notes due 2043.
  • 5Debt issuance is guaranteed by key Comcast cable subsidiaries.
  • 6Offering is conducted under a previously filed Form S-3 registration statement.
  • 7Underwriting syndicate includes Barclays Capital Inc., Goldman, Sachs & Co., and RBS Securities Inc.

Frequently Asked Questions

This 8-K filing primarily serves to inform investors about Comcast Corporation's upcoming issuance and sale of $2.95 billion in senior notes, scheduled to be consummated on January 14, 2013.

Comcast is issuing three tranches of notes: $750 million of 2.850% Notes due 2023, $1.7 billion of 4.250% Notes due 2033, and $500 million of 4.500% Notes due 2043. These notes are guaranteed by Comcast's cable subsidiaries.

The notes are being offered pursuant to Comcast's existing Registration Statement on Form S-3, filed on February 24, 2012, along with a related prospectus supplement dated January 8, 2013. This means the company had previously registered the potential issuance of these securities.

The guarantee from Comcast Cable Communications, LLC, Comcast Cable Holdings, LLC, Comcast MO Group, Inc., and Comcast MO of Delaware, LLC means these entities are jointly and severally liable for the debt obligations of the Notes. This provides an additional layer of security for the noteholders.