Comcast 2014 Annual Report Download - page 110

Table of Contents
Comcast Corporation
2014 Debt Repayments
Debt Instruments
Revolving Credit Facilities
As of December 31, 2014, Comcast and Comcast Cable Communications, LLC had a $6.25 billion revolving credit facility due June
2017 with a syndicate of banks. The interest rate on this facility consists of a base rate plus a borrowing margin that is determined
based on our credit rating. As of December 31, 2014, the borrowing margin for London Interbank Offered Rate (“LIBOR”)
based
borrowings was 1.00%. This revolving credit facility requires that we maintain certain financial ratios based on our debt and our
operating income before depreciation and amortization, as defined in the credit facility. We were in compliance with all financial
covenants for all periods presented.
As of December 31, 2014, NBCUniversal Enterprise had a $1.35 billion revolving credit facility due March 2018 with a syndicate of
banks. The interest rate on this facility consists of a base rate plus a borrowing margin that is determined based on our credit rating.
As of December 31, 2014, the borrowing margin for LIBOR-based borrowings was 1.00%.
As of December 31, 2014, amounts available under our consolidated credit facilities, net of amounts outstanding under our
commercial paper programs and outstanding letters of credit, totaled $6.5 billion, which included $505 million available under
NBCUniversal Enterprise’s revolving credit facility.
Commercial Paper Programs
Our commercial paper programs provide a lower-cost source of borrowing to fund our short-
term working capital requirements. The
Comcast commercial paper program is supported by the Comcast and Comcast Cable Communications, LLC $6.25 billion revolving
credit facility due June 2017. In February 2014, NBCUniversal Enterprise entered into a commercial paper program. The maximum
borrowing capacity under this commercial paper program is $1.35 billion, and it is supported by NBCUniversal Enterprise’
s
revolving credit facility.
Letters of Credit
As of December 31, 2014, we and certain of our subsidiaries had unused irrevocable standby letters of credit totaling $473 million
to cover potential fundings under various agreements.
Note 11: Fair Value Measurements
The accounting guidance related to financial assets and financial liabilities (“financial instruments”)
establishes a hierarchy that
prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach,
income approach and cost approach). The levels of the hierarchy are described below.
Year ended December 31, 2014 (in millions)
NBCUniversal Enterprise revolving credit facility
$
1,250
Comcast 5.300% senior notes due 2014
1,000
NBCUniversal 2.100% senior notes due 2014
900
Other
25
Total
$
3,175
•
Level 1: Consists of financial instruments whose values are based on quoted market prices for identical
financial instruments in an active market.
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Comcast 2014 Annual Report on Form 10
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