Davis Polk advised NBCUniversal on its SEC-registered consent solicitation and offer to guarantee $400 million of debt securities issued by subsidiaries Universal City Development Partners, Ltd. and UCDP Finance, Inc.

In exchange for an NBCUniversal guarantee, the holders agreed to amendments that modify the high-yield terms of the debt securities to conform to the covenants and events of default in NBCUniversal's $9.1 billion of investment-grade public debt securities.

NBCUniversal is a leading media and entertainment company that develops, produces and distributes entertainment, news and information, sports and other content for global audiences, and it owns and operates a diversified and integrated portfolio of some of the most recognizable media brands in the world. Universal City Development Partners, Ltd. owns and operates two theme parks, Universal Studios Florida and Universal's Islands of Adventure, and CityWalk, a dining, retail and entertainment complex, at Universal Orlando Resort.

The Davis Polk corporate team included partner Bruce K. Dallas and associates Tyler P. Pender and Patrick Spencer. The tax team included partner Rachel D. Kleinberg and associate Una Au. Members of the Davis Polk team are based in the Menlo Park and New York offices.