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COMCAST CORP 8-K Report, Material Agreement (May 31, 2016)

Reports
Material Agreements·Financial Events·Regulation FD+1
Filing Date
Filed May 31, 2016
Period End
May 31, 2016
Securities
CMCSACCZ
In the record · 2016–202610-K1110-Q328-K167

CMCSA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 167 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Dec ’18Dec ’18
  2. Material agreement8-K · Mar ’21Mar ’21
  3. Leadership change8-K · Feb ’26Feb ’26

01—Abstract

Summary

Summary of the 8-K filed May 31, 2016. Cited figures are marked; the original filing is the authoritative source.

Comcast Corporation (CMCSA) filed an 8-K report on May 31, 2016, detailing material definitive agreements related to its credit facilities.

The company entered into a new $7 billiona unsecured revolving credit facility, replacing a prior $6.25 billion facility. This new facility, set to expire on May 26, 2021, has provisions for up to a $10 billion increase in commitments and can be extended to May 26, 2023. It is guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC, and includes customary covenants and a leverage ratio limitation.

In conjunction with this, Comcast terminated its previous credit agreement. Additionally, a separate $1.5 billionb revolving credit agreement was entered into by NBCUniversal Enterprise, Inc., replacing its prior $1.35 billion facility.

This NBCUniversal facility is guaranteed by Comcast and Comcast Cable Communications, LLC, and also has options for commitment increases and maturity extensions. These actions indicate Comcast's strategic management of its liquidity and debt obligations, ensuring robust financial flexibility.

02—Key points

Key Highlights

  1. Comcast entered into a new $7 billion unsecured revolving credit facility, increasing its capacity from the previous $6.25 billion facility.
  2. The new credit facility has a maturity date of May 26, 2021, with options to extend it to May 26, 2023.
  3. Comcast has the flexibility to increase the credit facility's commitment up to a total of $10 billion.
  4. The new facility is guaranteed by key subsidiaries: Comcast Cable Communications, LLC and NBCUniversal Media, LLC.
  5. The previous $6.25 billion credit agreement, dated June 6, 2012, was terminated in connection with the new agreement.
  6. NBCUniversal Enterprise, Inc. entered into a separate $1.5 billion revolving credit agreement, replacing a prior $1.35 billion facility.
  7. The NBCUniversal facility is guaranteed by Comcast and Comcast Cable Communications, LLC and also includes provisions for commitment increases and maturity extensions.

03—Questions

Frequently Asked Questions

  1. What is the main purpose of this 8-K filing?

    This 8-K filing announces Comcast Corporation's entry into a new, larger revolving credit facility and the termination of its previous one. It also discloses a new credit facility for its subsidiary, NBCUniversal Enterprise.

  2. How has Comcast's borrowing capacity changed?

    Comcast has increased its primary revolving credit facility from $6.25 billion to $7 billion, with the option to expand it further up to $10 billion. NBCUniversal Enterprise also has a new $1.5 billion facility.

  3. What are the key terms of the new Comcast credit facility?

    The new facility is for $7 billion, is unsecured, matures on May 26, 2021, and is guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC. It contains customary covenants, including a leverage ratio limitation.

  4. Does Comcast currently have any borrowings under the new credit facility?

    As of the filing date, Comcast had not borrowed any funds under the new credit agreement, although certain existing letters of credit had been continued, reducing the available borrowing capacity.

04—Continue

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