More than $1.7B tendered in Comcast debt offer
PHILADELPHIA (AP) – Comcast Corp. said Wednesday that $1.73 billion in debt has been tendered so far in response to the cable operator's two-week-old cash offer to buy up to $1.3 billion in notes.
Tuesday was the early tender date for bondholders to receive the full tender offer consideration per $1,000 principal amount of the series of notes covered under the offer. The offer, announced June 18, expires on July 17, unless extended.
Because holders of more than $1.3 billion in total principal have already tendered their notes for payment, Comcast is setting a priority system for paying off the debt. Comcast said it expects to accept for purchase all 7.125 percent senior notes due in June 2013 that are validly tendered, as well as all 7.875 percent senior debentures due in August 2013.
The principal amount of 8.375 percent notes due in March 2013 that is accepted will depend upon whether holders tender additional notes before the offer's July 17 expiration.
Comcast said it does not expect to accept for purchase any of the 10.625 percent senior subordinated debentures due in July 2012 that are tendered, because that series carries Comcast's lowest acceptance priority level.
Shares of Comcast rose 26 cents to $14.72 in morning trading.