Comcast launches cash tender offers for $12 billion in debt securities

Comcast Corporation (NASDAQ: CMCSA) announced cash tender offers to purchase any and all of certain outstanding senior debt securities totaling approximately $12.1 billion in principal amount across 13 series of notes.

The offers include 11 series of notes issued by Comcast Corporation with maturities ranging from 2027 to 2030, totaling approximately $11.6 billion. Additionally, Comcast Cable Communications, LLC, a wholly-owned subsidiary, is offering to purchase two series of its notes totaling approximately $499 million.

The tender offers are subject to a $3.75 billion consideration cap condition. If more notes are tendered than the cap allows, Comcast will accept notes based on acceptance priority levels, with the 2.350% notes due 2027 having the highest priority.

The offers will expire at 5:00 p.m. Eastern time on June 2, 2026. Notes may be withdrawn at any time at or prior to the expiration date. The settlement date is expected to be June 5, 2026.

Consideration for each series will be based on specified fixed spreads plus applicable yields based on U.S. Treasury reference securities as of 2:00 p.m. Eastern time on June 2, 2026. Holders will also receive accrued and unpaid interest.

Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are serving as dealer managers for the offers. Global Bondholder Services Corporation will act as the information and tender agent.

The offers are not conditioned on any minimum tender amount or financing, and none of the offers is conditioned on completion of the others.

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