Media companies are borrowing billions of dollars as they seek to weather the coronavirus crisis.
ViacomCBS said it agreed to sell $1.25 billion in 4.750% senior notes due 2025 at a price equal to 99.498% of principal and $1.25 billion in 4.950% senior notes due 2013 at 98.036% of the principal amount.
The company said it intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of outstanding indebtedness.
ViacomCBS said it expects the sale to be completed April 1.
Earlier on Friday, ViacomCBS withdrew its financial guidance amid uncertainty cause by the COVID-19 outbreak.
Comcast said it consummated the issuance and sale of $800 million of 3.1% notes due 2025, $800 million in 3.3% notes due 2020, $1.6 billion in 3.4% notes due 2030 and $800 million in 3.75% notes due 2040.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.