ViacomCBS Announces $2.0 Billion Debt Offering
May 12 2020 - 6:26PM
Business Wire
ViacomCBS Inc. (NASDAQ: VIAC, VIACA) today announced that it has
agreed to sell $1.0 billion in aggregate principal amount of 4.200%
senior notes due 2032 at a price equal to 97.395% of the principal
amount thereof (the “2032 Senior Notes”) and $1.0 billion in
aggregate principal amount of 4.950% senior notes due 2050 at a
price equal to 94.987% of the principal amount thereof (the “2050
Senior Notes” and, together with the 2032 Senior Notes, the “Senior
Notes”). The sale of the Senior Notes is expected to close on May
19, 2020, subject to customary closing conditions.
ViacomCBS intends to use the net proceeds for the purchase of
notes tendered pursuant to previously announced concurrent tender
offers and for the payment of related accrued interest, premiums,
fees and expenses.
The joint book-running managers for the offering are Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC and Mizuho Securities USA 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 (NASDAQ: VIAC; VIACA) 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 US 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 other than statements of historical fact
are, or may be deemed to be, forward-looking statements within the
meaning of section 27A of the Securities Act of 1933, as amended,
and section 21E of the Securities Exchange Act of 1934, as amended.
Similarly, statements that describe our objectives, plans or goals
are or may be forward-looking statements. These forward-looking
statements reflect our current expectations concerning future
results and events; generally can be identified by the use of
statements that include phrases such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,”
“could,” “estimate” or other similar words or phrases; and involve
known and unknown risks, uncertainties and other factors that are
difficult to predict and which may cause our actual results,
performance or achievements to be different from any future
results, performance or achievements expressed or implied by these
statements. These risks, uncertainties and other factors include,
among others: the impact of the COVID-19 pandemic (and other
widespread health emergencies or pandemics) and measures taken in
response thereto; 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; and other factors described in our news
releases and filings with the Securities and Exchange Commission,
including but not limited to our most recent Annual Report on Form
10-K and reports on Form 10-Q and Form 8-K. There may be additional
risks, uncertainties and factors that we do not currently view as
material or that are not necessarily known. 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/20200512005965/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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