ViacomCBS Announces Redemption of Approximately $2.0 Billion of Senior Notes

Rhea-AI Summary

ViacomCBS announced the redemption of seven series of senior notes totaling approximately $2.2 billion, with redemption dates set for March 15 and March 29, 2021. The notes include 2.250%, 3.375%, 3.125%, 2.500%, 3.250%, 2.900%, and 4.250% notes, with principal amounts outstanding as of February 26, 2021. Holders are advised to contact their brokers for redemption details. ViacomCBS remains a major player in global media, leveraging its range of iconic brands to maintain a strong market presence.

Positive

• Redemption of approximately $2.2 billion in senior notes allows ViacomCBS to reduce debt.
• Strategic move to manage long-term financial obligations and improve capital structure.

Negative

• The redemption of senior notes may indicate high existing debt levels, raising concerns about financial leverage.
• Potential cash outflow associated with the redemption could impact liquidity.

ViacomCBS Inc. (“ViacomCBS”) (NASDAQ: VIAC, VIACA) today announced that it would redeem all of its outstanding (i) 2.250% senior notes due February 4, 2022 (the “2.250% senior notes”), (ii) 3.375% senior notes due March 1, 2022 (the “3.375% senior notes”), (iii) 3.125% senior notes due June 15, 2022 (the “3.125% senior notes”), (iv) 2.500% senior notes due February 15, 2023 (the “2.500% senior notes”), (v) 3.250% senior notes due March 15, 2023 (the “3.250% senior notes”), (vi) 2.900% senior notes due June 1, 2023 (the “2.900% senior notes”) and (vii) 4.250% senior notes due September 1, 2023 (the “4.250% senior notes”). The redemption date for the 2.250% senior notes, the 3.375% senior notes, the 2.500% senior notes and the 2.900% senior notes is March 15, 2021. The redemption date for the 3.125% senior notes, the 3.250% senior notes and the 4.250% senior notes is March 29, 2021.

The redemption price for each such series of notes is equal to the sum of 100% of the principal amount of such series of notes outstanding, the make-whole amount calculated in accordance with the terms of such series of notes and the related indenture under which such series of notes was issued, and the accrued and unpaid interest on such series of notes up to, but excluding, the respective redemption date. The aggregate principal amount of each such series of notes outstanding on February 26, 2021 is as set forth below:

Title of Security	Aggregate Principal Amount Outstanding
2.250% senior notes	$35,218,000
3.375% senior notes	$415,931,000
3.125% senior notes	$117,618,000
2.500% senior notes	$196,566,000
3.250% senior notes	$141,408,000
2.900% senior notes	$243,328,000
4.250% senior notes	$840,734,000

Holders owning notes through a broker, bank, or other nominee should contact that party for information. For more information, holders of the 2.250% senior notes, the 3.125% senior notes, the 3.250% senior notes and the 4.250% senior notes may call the paying agent for the redemption of such series of notes, The Bank of New York Mellon at (800) 254-2826, and holders of the 3.375% senior notes, the 2.500% senior notes and the 2.900% senior notes may call the paying agent for the redemption of such series of notes, Deutsche Bank Trust Company Americas at (800) 735-7777.

About ViacomCBS

ViacomCBS is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, CBS All Access, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry’s most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions for partners on five continents.

Cautionary Note Concerning Forward-Looking St

FAQ

What is the total amount of senior notes being redeemed by ViacomCBS?

ViacomCBS is redeeming approximately $2.2 billion in senior notes.

What are the redemption dates for ViacomCBS senior notes?

Redemption dates are March 15 and March 29, 2021.

What types of senior notes is ViacomCBS redeeming?

ViacomCBS is redeeming 2.250%, 3.375%, 3.125%, 2.500%, 3.250%, 2.900%, and 4.250% senior notes.

How should note holders contact for redemption information?

Holders should contact their brokers or the specified paying agents for more information.

What impact does the redemption of notes have on ViacomCBS's debt?

The redemption helps to reduce ViacomCBS's overall debt burden.