Comcast Enters New Agreements, Terminates Others

TL;DR

Comcast's making moves: new debt deals, old ones axed. Watch the balance sheet.

AI Summary

On May 17, 2024, Comcast Corp. entered into a material definitive agreement related to the issuance of new notes. The company also terminated a material definitive agreement and created a direct financial obligation. Specific details on the agreements and obligations are provided in the filing.

Why It Matters

This filing indicates significant changes in Comcast's financing and contractual obligations, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The filing involves material definitive agreements and financial obligations, suggesting potential shifts in the company's financial risk profile.

Key Players & Entities

• Comcast Corp. (company) — Filer
• 0000950103-24-006839 (filing_id) — Accession Number
• 20240517 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — hich Registered Class A Common Stock, $0.01 par value CMCSA The Nasdaq Stock Ma
• $11,000,000,000 — ment replaced Comcast's prior five-year $11,000,000,000 credit agreement entered into as of Mar
• $11,800,000,000 — s. The credit agreement provides for a $11,800,000,000 unsecured revolving credit facility (th
• $14,800,000,000 — nts under the facility up to a total of $14,800,000,000, and/or extend the expiration date of t

Filing Documents

• dp211362_8k.htm (8-K) — 51KB
• dp211362_ex1001.htm (EX-10.1) — 750KB
• 0000950103-24-006839.txt ( ) — 1212KB
• cmcsa-20240517.xsd (EX-101.SCH) — 5KB
• cmcsa-20240517_def.xml (EX-101.DEF) — 29KB
• cmcsa-20240517_lab.xml (EX-101.LAB) — 41KB
• cmcsa-20240517_pre.xml (EX-101.PRE) — 28KB
• dp211362_8k_htm.xml (XML) — 14KB

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement On May 17, 2024, Comcast Corporation ("Comcast") entered into a credit agreement (the "credit agreement") among Comcast, the financial institutions party thereto (the "lenders"), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Barclays Bank PLC, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents. JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, Citigroup Global Markets Inc., Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners. The credit agreement replaced Comcast's prior five-year $11,000,000,000 credit agreement entered into as of March 30, 2021 (the "prior credit agreement") among Comcast, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents. The credit agreement provides for a $11,800,000,000 unsecured revolving credit facility (the "facility") to Comcast for general corporate purposes that is scheduled to expire on May 17, 2029 and is guaranteed by Comcast Cable Communications, LLC and NBCUniversal Media, LLC (the "guarantors"). Comcast may, upon the agreement of one or more new or existing lenders, increase the commitments under the facility up to a total of $14,800,000,000, and/or extend the expiration date of the facility to a date not later than May 17, 2031. At this time, Comcast has not borrowed any funds under the credit agreement, although certain existing letters of credit have been continued under the credit agreement and reduce the availability thereunder in a corresponding amount. Interest is based on either (i)

02 Termination of a Material Definitive

Item 1.02 Termination of a Material Definitive Agreement In connection with its entry into the credit agreement, on May 17, 2024, Comcast terminated the prior credit agreement. No borrowings were outstanding at the termination of the prior credit agreement. Comcast and its affiliates maintain various commercial and service relationships with certain of the lenders under the prior credit agreement and their affiliates in the ordinary course of business. In the ordinary course of their respective businesses, certain of the lenders and the other parties to the prior credit agreement and their respective affiliates have engaged, and may in the future engage, in commercial banking, investment banking, financial advisory or other services with Comcast and its affiliates for which they have in the past received, and/or may receive in the future, customary compensation and expense reimbursement.

03 Creation of a Direct Financial

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Please see Item 1.01 above, which information is incorporated by reference into this Item 2.03.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Exhibit Number Description 10.1 Credit Agreement dated as of May 17, 2024, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Barclays Bank PLC, Mizuho Bank, Ltd., Morgan Stanley MUFG Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMCAST CORPORATION Date: May 17, 2024 By: /s/ Elizabeth Wideman Name: Elizabeth Wideman Title: Senior Vice President, Senior Deputy General Counsel and Assistant Secretary

View Full Filing

View this 8-K filing on SEC EDGAR