Viacom Announces $1.3 Billion Debt Offering
September 29 2016 - 10:57PM
Business Wire
Viacom Inc. (NASDAQ:VIAB, VIA) today announced that it has
agreed to sell $400 million in aggregate principal amount
of 2.250% senior notes due 2022 at a price equal to 99.692% of the
principal amount thereof (the “2022 Senior Notes”) and $900
million in aggregate principal amount of 3.450% senior notes
due 2026 at a price equal to 99.481% of the principal amount
thereof (the “2026 Senior Notes” and, together with the 2022 Senior
Notes, the “Senior Notes”). The sale of the Senior Notes is
expected to close on October 4, 2016, subject to customary
closing conditions.
Viacom intends to use the net proceeds from the offering
primarily for the repayment of outstanding indebtedness, which
includes the repayment of $400 million aggregate principal amount
of its 2.500% senior notes due December 2016, the repayment of $500
million aggregate principal amount of its 3.500% senior notes due
April 2017 and borrowings under its commercial paper program, and,
to the extent that any proceeds remain, for general corporate
purposes.
The joint book-running managers for the offering are Citigroup
Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. LLC.
Viacom's senior unsecured debt is currently rated BBB-
(negative) by S&P Global Ratings, BBB (negative) by Fitch
Ratings and Baa3 (stable) by Moody's Investors Service.*
The terms and conditions of the Senior Notes are set forth in a
prospectus, which can be obtained by contacting
Viacom Investor Relations at 1-800-516-4399 or by written
request to Viacom Inc., 1515 Broadway, 52nd
Floor, New York, New York 10036, Attn: Investor
Relations.
*A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to revision or withdrawal at any
time.
About Viacom
Viacom is home to premier global media brands that create
compelling television programs, motion pictures, short-form
content, apps, games, consumer products, social media experiences,
and other entertainment content for audiences in more than 180
countries. Viacom’s media networks, including
Nickelodeon, COMEDY CENTRAL, MTV, VH1,
SPIKE, BET, CMT, TV Land, Nick at Nite, Nick
Jr.,Channel 5 (UK), Logo, Nicktoons, TeenNick and Paramount
Channel, reach over 3.8 billion cumulative television subscribers
worldwide. Paramount Pictures is a major global producer and
distributor of filmed entertainment.
For more information about Viacom and its businesses,
visit www.viacom.com.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains both historical and forward-looking
statements. All statements that are not statements of historical
fact are, or may be deemed to be, forward-looking statements.
Forward-looking statements reflect our current expectations
concerning future results, objectives, plans and goals, and involve
known and unknown risks, uncertainties and other factors that are
difficult to predict and which may cause future results,
performance or achievements to differ. These risks, uncertainties
and other factors include, among others: the effect of transitions
under way involving the Board and management and related changes in
strategy; the public acceptance of our brands, programs, motion
pictures and other entertainment content on the various platforms
on which they are distributed; the impact of inadequate audience
measurement on our program ratings, advertising revenues and
affiliate fees; technological developments and their effect in our
markets and on consumer behavior; competition for content,
audiences, advertising and distribution; the impact of piracy;
economic fluctuations in advertising and retail markets, and
economic conditions generally; fluctuations in our results due to
the timing, mix, number and availability of our motion pictures and
other programming; the potential for loss of carriage or other
reduction in the distribution of our content; changes in the
Federal communications or other laws and regulations; evolving
cybersecurity and similar risks; other domestic and global
economic, business, competitive and/or regulatory factors affecting
our businesses generally; and other factors described in our news
releases and filings with the Securities and Exchange Commission,
including but not limited to our 2015 Annual Report on Form 10-K
and reports on Form 10-Q and Form 8-K. The forward-looking
statements included in this document are made only as of the date
of this document, and we do not have any obligation to publicly
update any forward-looking statements to reflect subsequent events
or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20160929006466/en/
Viacom Inc.PressJeremy Zweig,
212-846-7503jeremy@viacom.comorInvestors:James Bombassei,
212-258-6377james.bombassei@viacom.comorKareem Chin,
212-846-6305kareem.chin@viacom.com
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