Viacom announces terms for cash tender offers on its debts

Bryan Robbins

Viacom Inc. has announced the pricing terms of its previously-announced cash tender offers for up to $1.0 billion combined aggregate purchase price of the debt securities identified in the table below.

In a regulatory announcement, Viacom said the the offer is exclusive of accrued and unpaid interest to, but not including, the applicable settlement date and excluding fees and expenses related to the Offers

Viacom said the terms and conditions of the Offers are described in the Offer to Purchase dated May 18, 2017 and the related Letter of Transmittal dated May 18, 2017, and remain unchanged except as amended hereby and by Viacom’s press release earlier today announcing the early tender results and increase of the Maximum Tender Amount of the Offers.

The total consideration to be paid in the Offers for each series of Securities validly tendered and accepted for purchase was determined by reference to the applicable fixed spread over the yield to maturity based on the bid-side price of the applicable U.S. Treasury Security, in each case as set forth in the table below, and is payable to holders of the Securities who validly tendered and did not validly withdraw their Securities on or before 5:00 p.m., New York City time, on June 1, 2017 and whose Securities are accepted for purchase by Viacom. The Reference Yields listed in the table were determined at 2:00 p.m., New York City time, today, June 2, 2017, by the dealer managers.

The Total Consideration for each series of Securities includes an early tender premium of $30 per $1,000 principal amount of Securities validly tendered and not validly withdrawn by such holders and accepted for purchase by Viacom.

Viacom is the parent company of MTV, Paramount Pictures and other media and entertainment groups.

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