Comcast Raises $3B in Bond Market
Cable Operator Sets Two Bond Offerings: 10 Years and 30 Years
By Jon Hemingway -- Broadcasting & Cable, 8/20/2007 1:39:00 PM
Comcast, the nation’s largest cable operator, raised $3 billion in the debt market Monday afternoon.
The company issued the total amount through two bond offerings, one maturing in 10 years and the other in 30 years. The 10-year note is $1 billion in size, becomes due Nov. 15, 2017, and carries an interest rate of 6.30%. The 30-year note is $2 billion in size, becomes due Aug. 15. 2037. and carries an interest rate of 6.95%.
The deal was arranged by Goldman Sachs, Barclays Capital and Morgan Stanley.
The transaction will settle Aug. 23.
Comcast is rated Baa2 by Moody’s Investor Service and BBB+ by Standard & Poor’s.
This is the first issue for a cable company since the onset of the capital-market woes in July.
The percentage spread of Comcast bonds over comparable U.S. Treasuries spiked in mid-July due to the credit crisis, making it more expensive for the company to raise debt in the bond market. Those spreads have since regained the lost ground, and the gradual reopening of the investment-grade bond market last week created an opportunity for Comcast to jump in and raise the funds.
No related content found.
-
No Top Articles
Featured Company
-
Grab Networks
Created from the merger between Anystream and Voxant Media, Grab Networks offers a comprehensive video operating system and syndication network for profitably publishing video anywhere on the Internet. The system automatically manages, transcodes and tags video assets- turning cl..more





















