Media giant Comcast is selling $4 billion worth of notes and will use the proceeds to pay down existing debt. The company revealed the plans in a pair of SEC filings Wednesday. The parent of NBCUni…
is selling $4 billion worth of notes and will use the proceeds to pay down existing debt. The company revealed the plans in a pair of SEC filings Wednesday.
The parent of NBCUniversal is offering three tranches of notes for, respectively, $1.5 billion, $1.7 billion and $800 million. It said it “intends to use the net proceeds from the offerings entirely for the refinancing of outstanding debt.” That includes redeeming notes due in January 2022 for $700 million, notes due in August 2046 for $1.43 billion. and “certain of its other debt securities with near term maturities.
Entertainment companies have been raising cash a brisk rate over the past few months to provide a cushion as their businesses are hard hit by thepandemic. To that end, Comcast raised $4 billion in late March. With interest rates low, several companies have recently indicated that they will, or may, use proceeds from debt sales to refinance — on more attractive terms. In this case, Comcast is putting the entire package into paying down existing debt early.
Earlier in May, NBCUniversal announced a major restructuing and realigment of its businesses, which includes the newly launched Peacock streaming service.
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