Comcast Corporation is taking fresh steps to reshape its balance sheet, unveiling plans to refinance nearly $10 billion of bonds coming due later this decade. On Monday, the company launched a pair of related transactions to manage debt ahead of looming maturities in 2027 through 2029.
The exchange component covers seven series of notes totaling roughly $8.9 billion. Under the terms, investors can swap existing maturities due between 2027 and 2029 for newly issued notes maturing in 2037 or 2038. The offers are structured in two pools, capped at $1.75 billion for the new 2037 notes and $2.0 billion for the new 2038 notes. Pricing will be set against benchmark U.S. Treasurys with fixed spreads ranging from +10 to +20 basis points.
The exchange offers expire September 26, with settlement expected on October 2.
In parallel, Comcast is running cash tender offers for the same seven series, limited to investors who do not qualify for the exchange. These cash offers are subject to separate pool-by-pool caps of $400 million and $500 million, respectively. The company said pricing will also be determined by Treasury yields plus a fixed spread, with accrued interest paid in cash.
Comcast said both offers are subject to minimum issuance requirements of $500 million per pool and other customary conditions. The company may, at its discretion, adjust caps or waive conditions, though it cannot waive the minimum issue threshold.
Global Bondholder Services Corporation is serving as the information and exchange agent for both transactions.
