ViacomCBS Announces $2.5 Billion Debt Offering
March 27 2020 - 4:42PM
Business Wire
ViacomCBS Inc. (NASDAQ: VIAC, VIACA) today announced that it has
agreed to sell $1.25 billion in aggregate principal amount of
4.750% senior notes due 2025 at a price equal to 99.498% of the
principal amount thereof (the “2025 Senior Notes”) and $1.25
billion in aggregate principal amount of 4.950% senior notes due
2031 at a price equal to 98.036% of the principal amount thereof
(the “2031 Senior Notes” and, together with the 2025 Senior Notes,
the “Senior Notes”). The sale of the Senior Notes is expected to
close on April 1, 2020, subject to customary closing
conditions.
ViacomCBS intends to use the net proceeds from the offering for
general corporate purposes, which may include repayment of
outstanding indebtedness.
The joint book-running managers for the offering are BofA
Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan
Securities LLC and Morgan Stanley & Co. LLC.
ViacomCBS’ senior unsecured debt is currently rated BBB (stable)
by Fitch Ratings, Baa2 (stable) by Moody’s Investors Service and
BBB (negative) by S&P Global Ratings.*
The terms and conditions of the Senior Notes are set forth in a
prospectus and related prospectus supplement, which can be obtained
by contacting ViacomCBS Investor Relations at (877) 227-0787 or by
written request to ViacomCBS Inc., 1515 Broadway, 52nd Floor, New
York, New York 10036, Attn: Investor Relations.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
*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 VIACOMCBS
ViacomCBS is a leading global media and entertainment company
that creates premium content and experiences for audiences
worldwide. Driven by iconic consumer brands, its portfolio includes
CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV,
Comedy Central, BET, CBS All Access, Pluto TV and Simon &
Schuster, among others. The company delivers the largest share of
the U.S. television audience and boasts one of the industry’s most
important and extensive libraries of TV and film titles. In
addition to offering innovative streaming services and digital
video products, ViacomCBS provides powerful capabilities in
production, distribution and advertising solutions for partners on
five continents.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS
This communication 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: technological
developments, alternative content offerings and their effects in
our markets and on consumer behavior; the impact on our advertising
revenues of changes in consumers’ content viewership, deficiencies
in audience measurement and advertising market conditions; the
public acceptance of our brands, programming, films, published
content and other entertainment content on the various platforms on
which they are distributed; increased costs for programming, films
and other rights; the loss of key talent; competition for content,
audiences, advertising and distribution in consolidating
industries; the potential for loss of carriage or other reduction
in or the impact of negotiations for the distribution of our
content; the risks and costs associated with the integration of the
CBS Corporation and Viacom Inc. businesses and investments in new
businesses, products, services and technologies; evolving
cybersecurity and similar risks; the failure, destruction or breach
of critical satellites or facilities; content theft; domestic and
global political, economic and/or regulatory factors affecting our
businesses generally; volatility in capital markets or a decrease
in our debt ratings; strikes and other union activity; fluctuations
in our results due to the timing, mix, number and availability of
our films and other programming; losses due to asset impairment
charges for goodwill, intangible assets, FCC licenses and
programming; liabilities related to discontinued operations and
former businesses; potential conflicts of interest arising from our
ownership structure with a controlling stockholder; the impact of
the coronavirus disease 2019 (COVID-19) pandemic and measures taken
in response; and other factors described in our news releases and
filings with the Securities and Exchange Commission, including but
not limited to our reports on Form 10-K, Form 10-Q and Form 8-K.
The forward-looking statements included in this communication are
made only as of the date of this communication, and we do not
undertake any obligation to publicly update any forward-looking
statements to reflect subsequent events or circumstances.
VIAC-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20200327005511/en/
Press: Justin Dini Executive Vice President, Corporate
Communications (212) 846-2724 justin.dini@viacbs.com
Justin Blaber Senior Director, Corporate Communications (212)
846-3139 justin.blaber@viacom.com
Pranita Sookai Director, Corporate Communications (212) 846-7553
pranita.sookai@viacom.com
Investors:
Anthony DiClemente Executive Vice President, Investor Relations
(212) 846-5208 anthony.diclemente@viacbs.com
Jaime Morris Vice President, Investor Relations (212) 846-5237
jaime.morris@viacbs.com
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