Bloomberg News

Comcast Tapping Debt Market for First Time in Almost Two Years

June 26, 2012

Comcast Corp. (CMCSA:US), the largest U.S. cable company, and MetLife Inc. (MET:US)’s global funding affiliate are tapping the debt market as yields approach a record low.

Comcast is planning to raise 10- and 30-year notes in its first securities offering in almost two years and Metropolitan Life Global Funding I, which is issuing debt for the second time this month, is also selling benchmark bonds, according to people familiar with the transactions, who asked not to be identified because terms aren’t set.

Comcast plans to redeem $575 million of its 6.625 percent senior notes maturing in May 2056, the Philadelphia-based television-services operator said in a June 22 statement. A benchmark bond typically is at least $500 million in size.

Yields on investment-grade company debentures in the U.S. fell to 3.36 percent yesterday, approaching a record low 3.33 percent reached on May 8, Bank of America Merrill Lynch index data show. The companies are selling dollar-denominated debt after no new investment-grade debt was sold yesterday.

The MetLife sale will be managed by Deutsche Bank AG, HSBC Holdings Plc and UBS AG, according to the people. Comcast’s bonds are being marketed by Bank of America Corp., BNP Paribas SA, Citigroup Inc. and Wells Fargo & Co.

To contact the reporter on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net;

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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Companies Mentioned

  • CMCSA
    (Comcast Corp)
    • $52.55 USD
    • 1.25
    • 2.38%
  • MET
    (MetLife Inc)
    • $50.14 USD
    • 0.99
    • 1.97%
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