By Jill Goldsmith ViacomCBS is the latest media conglom to tap the debt market, announcing plans to raise $2.5 billion by selling notes.
Disney raised $6 billion last week and Comcast $4 billion earlier this week as companies in – relatively – strong positions look to build up a cash cushion against the uncertain economics of a spreading coronavirus pandemic.
ViacomCBS will sell $1.25 billion 4.75% senior notes due 2025 and $1.25 billion in 4.95% senior notes due 2031. The sale is expected to close on April 1.
ViacomCBS said it intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of outstanding indebtedness.
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