Comcast Issues $1 Billion Green Bond to Fund Clean Energy, Infrastructure Projects

New solar and wind power purchases, energy efficiency investments, and green building construction among eligible bond allocations to support sustainable business

PHILADELPHIA–(BUSINESS WIRE)–Comcast today announced the issuance of a $1 billion 10-year green bond, offering investors the opportunity to support environmental efforts such as those currently underway or under consideration as part of Comcast’s goal to be carbon neutral by 2035.

Proceeds from the green bond may be allocated to five investment areas, all of which contribute to Comcast’s efforts to reduce its carbon footprint, including renewable energy, energy efficiency, green buildings, campuses, communities and cities, clean transportation, and circular economy adapted products, production technologies and processes. Comcast’s Green Financing Framework provides details on eligible green investments in these categories, in addition to the processes for project selection and progress reporting.

“We’re excited to have offered investors the opportunity to join us as we scale clean energy technologies and other decarbonization strategies across our business,” said Sara Cronenwett, Senior Vice President of Corporate Strategy and Environmental Sustainability at Comcast. “These investments bring great value to the broader community of Comcast shareholders, employees, and customers by helping to foster a cleaner, healthier environment.”

As part of its goal to be carbon neutral by 2035, Comcast’s environmental efforts have included:

• Reducing Scope 1 and 2 emissions 31% since 2019.
• More than doubling the use of renewable electricity from 2020 to 2021.
• Decreasing Comcast Cable’s energy per consumed terabyte nearly 30% from 2019 to 2021.
• Piloting electric and hybrid vehicles in select locations, including debuting the first four electric trams in the Universal Studios Hollywood fleet.
• Increasing the number of green buildings it owns or occupies, including the LEED Platinum Comcast Technology Center.

Comcast worked with S&P Global Ratings to obtain an independent second party opinion on the Green Financing Framework, which concluded the framework is aligned with the ICMA Green Bond Principles (2021) and LMA/LSTA/APLMA Green Loan Principles (2021).

“We’re pleased that our inaugural green bond offering was largely led and underwritten by four nationally recognized minority-, women-, and service-disabled veteran-owned investment banking firms with whom Comcast has a strong historical relationship,” said Jason Armstrong, Chief Financial Officer and Treasurer for Comcast Corporation. “We value the role these firms play and are delighted to have partnered with them on such an important transaction for Comcast.”

BofA Securities, Inc. was sole Green Structuring Agent, an Active Bookrunner, and a Coordinator for the minority- and women-owned broker-dealers on the transaction. Also leading the green bond as active bookrunners were service-disabled veteran-owned Academy Securities, Inc., African-American-owned Loop Capital Markets LLC, Hispanic-owned Samuel A. Ramirez & Company, Inc., and African-American- and women-owned Siebert Williams Shank & Co., LLC. All 10 co-managers on the transaction were diversity firms.

“The strong response from investors to Comcast’s inaugural green bond offering highlights the market’s positive view of the company and appetite for this type of security structure,” said Andrew Karp, head of Global Sustainable Banking Solutions Group at BofA Securities, Inc.

For more information on Comcast’s environmental efforts, visit the environment page at www.comcastcorporation.com.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” section of our most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission (“SEC”). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; programming costs; consumer acceptance of our content; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; laws and regulations; adverse decisions in litigation or governmental investigations; labor disputes; and other risks described from time to time in reports and other documents we file with the SEC. There are also certain risks and challenges we may face in meeting our environmental goals that are beyond our control, including political, economic, regulatory and geopolitical conditions, the evolution of carbon offset markets, limited large-scale investments and innovations in technology and infrastructure, and supply chain and labor issues. The inclusion of forward-looking statements that may address our corporate responsibility initiatives, progress, plans and goals in this press release is not an indication that they are necessarily material to investors or required to be disclosed in our filings with the SEC. Such statements may contain estimates, make assumptions based on developing standards that may change and provide aspirations and commitments that are not intended to be promises or guarantees. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Contacts

Press contacts:

John_Demming@comcast.com
Chandler_Clay@comcast.com