Published on 5/12/2020 in the Prospect News Investment Grade Daily.
New Issue: ViacomCBS prices $2 billion of senior notes in two tranches
By Cristal Cody
Tupelo, Miss., May 12 – ViacomCBS Inc. priced $2 billion of senior notes (Baa2/BBB/BBB) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company sold $1 billion of 4.2% 12-year notes at 97.395 to yield 4.483%, or a spread of Treasuries plus 380 basis points.
A $1 billion tranche of 4.95% 30-year notes priced at 94.987 to yield 5.285% and a Treasuries plus 390 bps spread.
The 12-year notes were talked at the Treasuries plus 415 bps area, while the 30-year notes were talked to print in the 420 bps spread area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to fund a tender offer upsized to $2 billion from $1 billion.
The media and entertainment company is based in New York.
| Issuer: | ViacomCBS Inc.
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| Amount: | $2 billion
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| Description: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Co-managers: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Banca IMI SpA, BNY Mellon Capital Markets, LLC, ICBC Standard Bank plc, Siebert Williams Shank & Co., LLC, SunTrust Robinson Humphrey, Inc., Academy Securities, Inc., Loop Capital Markets LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Co., Inc.
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| Trade date: | May 12
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| Settlement date: | May 19
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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|
|
| 12-year notes
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| Amount: | $1 billion
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| Maturity: | May 19, 2032
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| Coupon: | 4.2%
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| Price: | 97.395
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| Yield: | 4.483%
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| Spread: | Treasuries plus 380 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 50 bps before Feb. 19, 2032; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 415 bps area
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|
|
| 30-year notes
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| Amount: | $1 billion
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| Maturity: | May 19, 2050
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| Coupon: | 4.95%
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| Price: | 94.987
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| Yield: | 5.285%
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| Spread: | Treasuries plus 390 bps
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| Call features: | Make-whole call at greater of par or Treasuries plus 50 bps before Nov. 19, 2049; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 420 bps area
|
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