Viacom Raising $550 Million in Debt Offering

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The conglomerate will use some of the funds to pay off existing debt and repurchase stock.

Viacom is raising $550 million in a debt offering, the conglomerate said Monday.

The company said it has agreed to sell $300 million in senior notes due in 2023 and $250 million in senior debentures due in 2043.

Viacom said it intends to use the net proceeds from the transaction for general corporate purposes, including the repayment of debt and the repurchasing of its own stock.

Acting as joint book-running managers for the offering are BNP Paribas Securities, Goldman Sachs, J.P. Morgan Securities and RBC Capital Markets.

Shares of Viacom were off fractionally Monday to $61.85.