March 30, 2020
With its businesses drastically impacted by the coronavirus pandemic, ViacomCBS has become the latest media company going to the markets looking for fiscal relief — agreeing to sell $2.5 billion in new debt to help its operations weather the storm.
The corporate parent to Paramount Pictures, CBS All Access, Noggin and Pluto TV, among other properties, sold $1.25 billion in aggregate principal amount of 4.750% senior notes due 2025, and $1.25 billion in aggregate principal amount of 4.950% senior notes due 2031. The sale of the bond debt is expected to close on April 1.
ViacomCBS said intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of outstanding indebtedness.