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Comcast exchange offers drive Media capital activity in August

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Comcast exchange offers drive Media capital activity in August

After raising just $1.72 billion through capital offerings in July, capital markets activity in the media sector rebounded strongly with about $18.06 billion in August, the sector's highest total for 2021.

Media companies in the U.S., Canada and Bermuda raised about $18.03 billion from debt offerings and $28.4 million from common equity offerings during the month.

Comcast Corp.'s three debt offerings in August took over as the sector's largest raises year to date, bringing in $6 billion, $5 billion and $4 billion, respectively. The company said the offers were made to exchange several series of notes.

Comcast on Aug. 19 completed its private offers to exchange its 6.400% notes due 2038, 6.950% notes due 2037, 6.450% notes due 2037, 6.400% notes due March 2040, 6.550% notes due 2039, 4.600% notes due 2038, 6.500% notes due 2035, 5.650% notes due 2035 and 7.050% notes due 2033 and by unit NBCUniversal Media LLC to exchange its 6.400% notes due April 2040 for up to $5.00 billion of Comcast's new notes due 2051.

Comcast also completed its offer to exchange its 4.700% notes due 2048, 4.750% notes due 2044, 4.650% notes due 2042 and 4.500% notes due 2043 and by NBCUniversal to exchange its 5.950% notes due 2041 and 4.450% notes due 2043 for up to $6.00 billion of Comcast's new notes due 2056.

Additionally, Comcast exchanged its 4.600% notes due 2045, 4.950% notes due 2058 and 4.049% notes due 2052 for up to $4.00 billion of the company's new notes due 2063.

A June debt offering by radio broadcasting services provider Sirius XM Radio Inc., which is a unit of Sirius XM Holdings Inc., took the fourth spot, raising $2.0 billion. The company said the net proceeds will be used to redeem outstanding debt.

With respect to equity offerings, media conglomerate ViacomCBS Inc. raised the most with a common stock offering of $1.7 billion as well as a $1 billion preferred stock offering.

Charter Communications Inc. and unit Charter Communications Operating LLC, which have raised $5.8 billion through two separate note offerings spread across five tranches, accounted for four of the top 20 largest sector offerings in the year to date.

Within the broader media sector, cable and satellite companies raised the most capital year to date, with $27.23 billion in aggregate, followed by broadcasting companies with $12.24 billion and advertising companies with $6.17 billion.

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