Viacom Unveils $1 Billion Debt Offering
NEW YORK - Viacom on Wednesday announced a $1 billion debt offering to refinance existing debt at better conditions given low interest rates.
The entertainment company said it has agreed to sell $400 million in senior notes due 2016 and $600 million in senior notes due 2021 later this month.
Viacom said it would use the proceeds for the repayment of existing debt and for general corporate purposes, including stock buybacks.
CEO Philippe Dauman at an investor conference earlier in the week had promised to return $20 billion to shareholders via buybacks and dividends.