Comcast tender offer oversubscribed by $430 million at early deadline

By Angela McDaniels

Tacoma, Wash., July 1 - Comcast Corp. said it had received tenders for $1.73 billion principal amount of notes as of 5 p.m. ET on June 30, which was the early tender date in a tender offer for up to $1.30 billion principal amount of notes that began on June 18.

Specifically, the company has received tenders for:

• $364,796,000 of the $750 million 7.125% senior notes due June 15, 2013 issued by Comcast Cable Communications Inc., which is now known as Comcast Cable Communications, LLC;

• $309,856,000 of the $550 million 7.875% senior debentures due Aug. 1, 2013 issued by Tele-Communications, Inc., which is now known as Comcast Cable Holdings, LLC;

• $948,028,000 of the $2,335,346,000 8.375% notes due March 15, 2013 issued by AT&T Broadband Corp., which is now known as Comcast Cable Communications Holdings, Inc.; and

• $108,549,000 of the $201,975,000 10.625% senior subordinated debentures due July 15, 2012 issued by the former Comcast Corp. which is now known as Comcast Holdings Corp.

The notes are listed in order of their acceptance priority levels.

Because the offer is already oversubscribed, Comcast expects to accept for purchase all the 7.125% notes and 7.875% debentures that are tendered. The principal amount of 8.375% notes that is ultimately accepted will depend on whether additional notes are tendered, and Comcast does not expect to accept for purchase any of the 10.625% debentures.

For each $1,000 principal amount, the company is offering $1,100.00 for the 7.125% notes, $1,132.50 for the 7.875% debentures, $1,140.00 for the 8.375% notes and $1,170.00 for the 10.625% notes.

In each case, the payout includes a $30.00 early tender premium for notes tendered by the early tender date.

The company will also pay accrued interest up to but excluding the settlement date.

The offer will expire at 9 a.m. ET on July 17.

Goldman, Sachs & Co. (800 828-3182 or collect at 212 357-4692), J.P. Morgan Securities Inc. (866 834-4666 or collect at 866 834-3424) and Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) are the dealer managers.

Global Bondholder Services Corp. (866 294-2200 or 212 430-3774) is the information agent, and Broadpoint Capital, Inc. is the structuring agent.

Comcast is a telephone, television and internet service provider based in Philadelphia.

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