Viacom plans fixed-rate notes in two tranches to fund debt repayment

By Devika Patel

Knoxville, Tenn., Sept. 29 – Viacom Inc.’s benchmark-sized offering of senior notes will come in two fixed-rate tranches (Baa3/BBB-/BBB), according to a 424B3 filing with the Securities and Exchange Commission.

The notes will have a make-whole call and then are callable at par.

BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used to repay debt, including the company’s $400 million of 2.5% senior notes due December 2016, its $500 million of 3.5% senior notes due April 2017 and borrowings under its commercial paper program, and for general corporate purposes.

The issuer roadshowed the offering on Tuesday and Wednesday.

Viacom is a New York City-based diversified media company with interests focused in cinema and cable television.

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