ViacomCBS to Purchase $1 Billion in Outstanding Debt
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hollywoodreporter.comViacomCBS on Tuesday said it has launched a cash tender offer for up to $1 billion to purchase outstanding debt securities. The Hollywood studio, led by CEO Bob Bakish, is the latest entertainment industry company to restructure its debt load amid the fallout from the coronavirus crisis.
ViacomCBS said the cash tender offer aims to pick up $1 billion in debt originally issued by CBS and CBS Broadcasting, both predecessors of the newly combined ViacomCBS entity.
The near-term senior notes are due from 2021 to 2023, and the tender offer is also targeting and the 5.875 percent of junior subordinated debentures, due in 2057 and capped at $130 million in total redemptions.
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