The sale will close by March 11
Viacom is selling $1.5 billion of its debt, which it will use to repay outstanding debts and for other general corporate purposes. The people who buy this debt will be paid back over time, but do not gain any stake in the company.
The sale will close March 11, and is being managed by Deutsche Bank Securities, Morgan Stanley & Co., Wells Fargo Securities, Mizuho Securities USA and SMBC Nikko Securities America.
Viacom's senior unsecured debt is currently rated BBB by Standard & Poor's, BBB+ by Fitch, and Baa2 by Moody's Investors Service.