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Comcast gets $6 billion four-year term loan as Sky offer extended
By Wendy Van Sickle
Columbus, Ohio, Aug. 22 – Comcast Corp. entered into a $6 billion four-year unsecured term loan credit facility on Wednesday in connection with the extension of its all-cash offer to purchase the entire share capital of Sky plc, according to an 8-K filing with the Securities and Exchange Commission.
The term loan is comprised of a single tranche that will mature on the date that is four years after the initial borrowing.
The commitments will be in effect until July 25, 2019 or the date on which certain termination events occur.
Borrowings bear interest at Libor plus a margin ranging from 75 basis points to 125 bps, depending on ratings, and the commitment fee is either 9 bps or 11 bps, also depending on ratings.
Bank of America Merrill Lynch and Wells Fargo Securities LLC are the joint bookrunners; Well Fargo the syndication agent; Bank of America, NA the administrative agent; and Bank of America Merrill Lynch, Wells Fargo Securities, SG Americas, LLC, Sumitomo Mitsui Banking Corp., Mizuho Bank, Ltd., Santander Bank, NA, Agricultural Bank of China, Ltd., New York Branch, Bank of China, New York Branch, ING, National Westminster Bank plc and Bank of Nova Scotia the documentation agents.
The term loan facility is guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC.
The company must maintain a leverage ratio as of the end of any fiscal quarter that is not greater than 5.75 times.
Also on Wednesday, Comcast amended its 364-day bridge credit agreement dated April 25 with Bank of America, NA as administrative agent to reduce commitments by £3.1 billion to £12.9 billion.
Comcast said it extended its offer to purchase all of Sky’s equity for about $31 billion – or $41 billion when including the London-based telecommunication company’s net debt – to Sept. 12 from Aug. 22.
Comcast is a media holding company based in Philadelphia.
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