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Securities

Comcast And Disney Are Raising Cash And Selling $4 Billion In Debt Securities

Comcast has raised $4 billion from the sale of debt securities, according to an SEC filing in the midst of an escalating economic crisis, following Disney, which raised $6 billion last Friday.

“This goes to the saying that use raise money when you can, not when you need it. Disney and Comcast are the two strongest companies in the media space and investors are happy to lend to them, so it is not surprising that the two of them tapped the bond market,” said one Wall Streeter.

NBCUniversal’s theme parks are closed, movie releases shifted and TV production largely shut down. The Summer Olympics in Tokyo slated to start in July were delayed, putting $1.25 billion of advertising revenue at risk. The company warned, as many have in recent weeks, that the coronavirus pandemic is having an material adverse impact on its businesses. Disney has said much the same.

Comcast sold four tranches of notes with maturities from 2025 to 2040 worth between $800 million and $1.75 billion, and with interest rates from 3.1% to 3.75%.

Read the source article at Deadline

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