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NBCUniversal Media Sells $2 Billion of 10-, 30-Year Bonds

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Sept. 28 (Bloomberg) -- NBCUniversal Media LLC, the U.S. media and entertainment company, sold $2 billion of debt in two parts in its first offering in more than a year.

NBCUniversal, which is 51 percent owned by Comcast Corp., sold $1 billion of 2.875 percent notes maturing in January 2023 to yield 125 basis points more than similar-maturity Treasuries, and $1 billion of 4.45 percent bonds due January 2043 with a 165 basis-point spread, according to data compiled by Bloomberg.

Proceeds will be used to increase working capital and for general corporate purposes, according to a person familiar with the offering, who asked not to be identified, citing lack of authorization to speak about the transaction.

The company last tapped debt markets in July 2011. Its $2 billion of 4.375 percent notes from that offering that are due April 2021 traded at 112.8 cents on the dollar on Sept. 25 to yield 2.68 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The new bonds are rated two levels above speculative grade at Baa2 by Moody’s Investors Service and three levels higher than junk, at BBB+ by Standard & Poor’s, Bloomberg data show.

Morgan Stanley, Credit Suisse Group AG, JPMorgan Chase & Co. and Royal Bank of Canada managed the sale for the New York-based company.

To contact the reporter on this story: Peter Rawlings in New York at prawlings@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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