ViacomCBS Raising $2 Billion In New Debt Sale

deadline.com:

By Jill Goldsmith ViacomCBS said Mondasy it’s agreed to sell $2 billion worth of debt in two tranches to raise fresh cash.

The sale of senior notes is expected to close on May 19. ViacomCBS said in a SEC filing that intends to use the net proceeds for the purchase of notes tendered pursuant to previously announced concurrent tender offers and for the payment of related accrued interest, premiums, fees and expenses.

In other words, it’s using the new debt to pay down old debt. ViacomCBS’ senior unsecured debt is currently rated BBB (stable) by Fitch Ratings, Baa2 (stable) by Moody’s Investors Service and BBB (negative) by S&P Global Ratings.