Sumner Redstone’s Viacom is looking to retire debt, and to that end, it is willing to take more debt on. It’s peddling two sets of senior notes with an aggregate value of $400M.
If you’re interested you’d best be prepared to act – the sale is expected to close 6/14/12.
Viacom explained “…that it has agreed to sell $300 million in aggregate principal amount of 3.125% senior notes due 2022 (the “2022 Senior Notes”) at a price equal to 98.553% of the principal amount thereof and $100 million in aggregate principal amount in a reopening of its 1.250% senior notes due 2015 (the “2015 Senior Notes” and, together with the 2022 Senior Notes, the “Senior Notes”) at a price equal to 100.026% of the principal amount thereof plus accrued interest from February 28, 2012.”
In addition to debt repayment, Viacom will repurchase shares and may use proceeds for other corporate purposes. It notes that currently it holds a rating of BBB+ by Standard & Poor’s and Fitch, and is rated Baa1 by Moody’s Investors Service