Comcast calls over a half billion in bonds


ComcastIf you hold Comcast Corporation’s 7.00% Senior Notes due September 2055 you’re going to be cashed out a bit early. Make that a lot early – more than 43 years early.

With market interest rates much lower today, Comcast has called the $562.5 million of the 7% notes outstanding for redemption. Holders will be paid the face value of $25 per note, plus accrued interest. The notes will be cashed out on April 20, 2012.

The notes are somewhat unusual because they are listed on the New York Stock Exchange and have a three-letter symbol just like a stock: “CCW.” That makes for easy trading. Comcast also has some other bonds listed on the NYSE.

Comcast should have no trouble coming up with cash for the redemption. As of the end of 2011 the company had over $4.3 billion in cash sitting in its coffers.