Comcast and NBCUniversal Media’s $15 Billion Exchange Offers

Davis Polk advised Comcast Corporation and NBCUniversal Media, LLC in the deal.

Comcast Corporation and NBCUniversal Media, LLC executed their offers to exchange approximately $15 billion of Comcast senior notes for 16 series of Comcast’s and three series of NBCUniversal’s outstanding notes. The primary purpose of the exchange offers is to lower Comcast’s average cost of borrowing going forward and to extend the average maturity and duration of Comcast’s debt portfolio.

Comcast Corporation (NASDAQ: CMCSA) is a global media and technology company that connects people to moments that matter. Comcast is principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. Comcast delivers broadband, wireless, and video through their Xfinity, Comcast Business and Sky brands; creates, distributes and streams leading entertainment, sports and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News and Sky Sports; and provides memorable experiences at Universal Parks and Resorts in the United States and Asia.

The Davis Polk corporate team included partner John B. Meade (Picture), counsel Joseph S. Payne and associates Yoojin Nairn-Kim, Aashim Usgaonkar and Moses Farzan Nekou. The tax team included partner Patrick E. Sigmon and associate Ariel Siman.

Involved fees earner: Moses Farzan Nekou – Davis Polk & Wardwell; John Meade – Davis Polk & Wardwell; Yoojin Nairn-Kim – Davis Polk & Wardwell; Joseph Payne – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell; Ariel Siman – Davis Polk & Wardwell; Aashim Usgaonkar – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Comcast Corporation; NBCUniversal, Inc.;

Author: Martina Bellini