- Viacom (NASDAQ:VIA-OLD, VIAB) has announced a plan to offer $1.3B in subordinated debt.
- The offering comes in two tranches: $650M worth of 5.875% fixed-to-floating junior subordinated debentures due 2057, and another $650M in 6.25% fixed-to-floating rate junior subordinated debentures due 2057.
- The company will use proceeds to repay existing indebtedness, including up to $500M of its 6.125% senior notes due October 2017, up to $500M in 2.5% senior notes due September 2018, and up to $400M in 2.2% senior notes due April 2019.