Copying and distributing are prohibited without permission of the publisher
Comcast sells $2.4bn debt for NBC deal
25 February 2010
US cable operator Comcast is raising $2.4 billion to help fund its purchase of 51% of NBC from General Electric
Read more:
Comcast
NBC
GE
General Electric
Comcast has raised $2.4 billion in a two-part debt issue. The senior unsecured notes consist of $1.25 billion of 10-year notes and $1 billion of 30-year bonds.
The joint bookrunning managers for the deal were Deutsche Bank, Mitsubishi UFJ, Royal Bank of Scotland and UBS. The proceeds from the debt sale will be used to pay General Electric for 51% of equity in NBC and to repay Comcast’s 5.45% notes that are due in November.
The Philadelphia-based cable television, broadband internet and telephone services provider, headed by Brian Roberts, needs to pay around $7.1 billion in cash to GE for control of NBC. Comcast is planning to fund the acquisition through a combination of cash on hand, borrowings under an existing credit facility and debt issuance. GTB