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Comcast, NBCUniversal get $8.5 billion of new five-year revolvers
By Angela McDaniels
Tacoma, Wash., May 31 – Comcast Corp. entered into $7 billion revolving credit facility due May 26, 2021 on Thursday, and NBCUniversal Enterprise, Inc. entered into a $1.5 billion revolver with the same maturity date, according to an 8-K filing with the Securities and Exchange Commission.
The Comcast revolver has a $3 billion accordion feature.
Comcast has the option to extend the expiration date to not later than May 26, 2023.
The interest rate is Libor plus a margin that ranges from 75 basis points to 125 bps, and the commitment fee ranges from 5 bps to 15 bps. Both depend on the company’s ratings.
JPMorgan Chase Bank, NA is the administrative agent. Citibank, NA is the syndication agent. Morgan Stanley MUFG Loan Partners, LLC, Wells Fargo Bank, NA and Mizuho Bank, Ltd. are the co-documentation agents. JPMorgan, Citigroup Global Markets Inc., Morgan Stanley MUFG, Wells Fargo Securities, LLC and Mizuho acted as joint lead arrangers and joint bookrunners.
The revolver will be used for general corporate purpose. It is undrawn.
The revolver is guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC.
Negative covenants include, among others, a requirement that the leverage ratio as of the end of any fiscal quarter is not greater than 5.75 to 1.00.
Comcast’s new credit agreement replaced its prior $6.25 billion credit agreement with JPMorgan as administrative agent, which was terminated. No borrowings were outstanding at the termination of the prior credit agreement.
New NBC revolver
NBCUniversal Enterprise’s new revolver replaced its prior $1.35 billion revolver.
The new revolver is guaranteed by Comcast and Comcast Cable Communications.
It has a $500 million accordion feature, and NBCUniversal Enterprise can extend the expiration date to not later than May 26, 2023.
Comcast is a media holding company based in Philadelphia.
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