Viacom Announces Cash Tender Offers for Certain Outstanding Debt Securities
The following table sets forth certain information regarding the Securities and the Offers:
Title of Security |
CUSIP |
Principal |
Acceptance |
Reference U.S. |
Bloomberg |
Fixed |
Early |
Hypothetical |
||||||||||||||||
Capped Tender Offer | ||||||||||||||||||||||||
5.625% Senior Notes due 2019 | 92553PAD4 | $ 550,000,000 | N/A |
0.875% UST due |
FIT3 | 35 | $ 30.00 | $ 1,019.73 | ||||||||||||||||
Waterfall Tender Offers | ||||||||||||||||||||||||
2.750% Senior Notes due 2019 | 92553PAY8 | $ 252,345,000 | 1 |
1.375% UST due |
FIT4 | 35 | $ 30.00 | $ 996.45 | ||||||||||||||||
4.500% Senior Debentures due 2042 | 92553PAL6 | $ 62,837,000 | 2 |
3.000% UST due |
FIT1 | 240 | $ 30.00 | $ 840.00 | ||||||||||||||||
4.875% Senior Debentures due 2043 | 92553PAQ5 | $ 32,159,000 | 3 |
3.000% UST due |
FIT1 | 240 | $ 30.00 | $ 884.86 | ||||||||||||||||
4.850% Senior Debentures due 2034 | 92553PAZ5 | $ 284,345,000 | 4 |
3.000% UST due |
FIT1 | 210 | $ 30.00 | $ 935.68 | ||||||||||||||||
3.450% Senior Notes due 2026 | 92553PBB7 | $ 478,993,000 | 5 |
3.125% UST due |
FIT1 | 125 | $ 30.00 | $ 941.41 | ||||||||||||||||
2.250% Senior Notes due 2022 | 92553PBA9 | $ 103,022,000 | 6 |
2.875% UST due |
FIT1 | 110 | $ 30.00 | $ 948.34 | ||||||||||||||||
5.250% Senior Debentures due 2044 | 92553PAW2 | $ 347,623,000 | 7 |
3.000% UST due |
FIT1 | 225 | $ 30.00 | $ 951.94 | ||||||||||||||||
3.250% Senior Notes due 2023 | 92553PAR3 | $ 181,610,000 | 8 |
2.875% UST due |
FIT1 | 120 | $ 30.00 | $ 966.76 | ||||||||||||||||
3.125% Senior Notes due 2022 | 92553PAM4 | $ 195,375,000 | 9 |
2.875% UST due |
FIT1 | 115 | $ 30.00 | $ 969.74 | ||||||||||||||||
3.875% Senior Notes due 2024 | 92553PAX0 | $ 492,139,000 | 10 |
2.875% UST due |
FIT1 | 110 | $ 30.00 | $ 993.83 | ||||||||||||||||
3.875% Senior Notes due 2021 | 92553PAJ1 | $ 600,000,000 | 11 |
2.875% UST due |
FIT1 | 75 | $ 30.00 | $ 1,007.33 | ||||||||||||||||
4.250% Senior Notes due 2023 | 92553PAT9 | $ 1,250,000,000 | 12 |
2.875% UST due |
FIT1 | 105 | $ 30.00 | $ 1,012.06 | ||||||||||||||||
4.500% Senior Notes due 2021 | 925524BG4 | $ 500,000,000 | 13 |
2.875% UST due |
FIT1 | 80 | $ 30.00 | $ 1,017.70 | ||||||||||||||||
5.850% Senior Debentures due 2043 | 92553PAU6 | $ 1,250,000,000 | 14 |
3.000% UST due |
FIT1 | 230 | $ 30.00 | $ 1,025.19 |
(1) | The applicable page on Bloomberg from which the dealer managers will quote the bid side prices of the applicable U.S. Treasury Security. In the above table, “UST” denotes a U.S. Treasury Security. | ||
(2) | The Hypothetical Total Consideration (as noted in the above table) is inclusive of the Early Tender Premium (as defined below) but exclusive of Accrued Interest (as defined below) and is based on the reference yield of the Reference U.S. Treasury Security (as set forth above) as of 11:00 a.m., New York City time, on November 16, 2018, assuming an Early Settlement Date (as defined below) of December 5, 2018. The actual reference yields of the Reference U.S. Treasury Securities will be determined by the dealer managers based on certain quotes available at 11:00 a.m., New York City time, on the price determination date, which is expected to be December 4, 2018. | ||
The Offers are being made pursuant to and are subject to the terms and
conditions set forth in the Offer to Purchase and the related Letter of
Transmittal (the “Letter of Transmittal”). The Offers are scheduled to
expire at
Holders of Securities validly tendered and not validly withdrawn on or
prior to
In addition to the Tender Offer Consideration or the Total
Consideration, as applicable, all Holders of Securities accepted for
purchase will also receive accrued and unpaid interest rounded to the
nearest cent, on such
The settlement date for Securities validly tendered and not validly
withdrawn on or prior to the Early Tender Deadline and accepted for
purchase is expected to be
If the Capped Tender Offer is not fully subscribed as of the Early
Tender Deadline, subject to the Capped Tender Amount and proration, the
Capped Tender Notes validly tendered and not validly withdrawn on or
prior to the Early Tender Deadline will be accepted for purchase in
priority to other Capped Tender Notes validly tendered following the
Early Tender Deadline.
If the Capped Tender Offer is fully subscribed as of the Early Tender Deadline, Holders who validly tender the Capped Tender Notes following the Early Tender Deadline but on or prior to the Expiration Date will not have any of their Capped Tender Notes accepted for purchase.
Subject to the Waterfall Tender Amount and proration, all Waterfall Tender Notes validly tendered and not validly withdrawn on or prior to the Early Tender Deadline having a higher Acceptance Priority Level (with 1 being the highest) will be accepted before any validly tendered Waterfall Tender Notes having a lower Acceptance Priority Level (with 14 being the lowest), and all Waterfall Tender Notes validly tendered following the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any Waterfall Tender Notes validly tendered following the Early Tender Deadline having a lower Acceptance Priority Level.
If the Waterfall Tender Offers are not fully subscribed as of the Early
Tender Deadline, subject to the Waterfall Tender Amount and proration,
Waterfall Tender Notes validly tendered and not validly withdrawn on or
prior to the Early Tender Deadline will be accepted for purchase in
priority to other Waterfall Tender Notes validly tendered following the
Early Tender Deadline even if such Waterfall Tender Notes validly
tendered following the Early Tender Deadline have a higher Acceptance
Priority Level than Waterfall Tender Notes validly tendered on or prior
to the Early Tender Deadline.
If the Waterfall Tender Offers are fully subscribed as of the Early Tender Deadline, Holders who validly tender Waterfall Tender Notes following the Early Tender Deadline but on or prior to the Expiration Date will not have any of their Waterfall Tender Notes accepted for purchase regardless of Acceptance Priority Level.
Securities of a series may be subject to proration (rounded to avoid the
purchase of Securities in a principal amount other than in an integral
multiple of
Information Relating to the Offers
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell with respect to any
securities. The solicitation of offers to sell the Securities is only
being made pursuant to the terms of the Offer to Purchase and the
related Letter of Transmittal. The offer is not being made in any
jurisdiction in which the making or acceptance thereof would not be in
compliance with the securities, blue sky or other laws of such
jurisdiction. None of
About
Cautionary Statement Concerning Forward-Looking Statements
This news release contains both historical and forward-looking
statements. All statements that are not statements of historical fact
are, or may be deemed to be, forward-looking statements. Forward-looking
statements reflect our current expectations concerning future results,
objectives, plans and goals, and involve known and unknown risks,
uncertainties and other factors that are difficult to predict and which
may cause future results, performance or achievements to differ. These
risks, uncertainties and other factors include, among others:
technological developments, alternative content offerings and their
effects in our markets and on consumer behavior; competition for
content, audiences, advertising and distribution in a swiftly
consolidating industry; the public acceptance of our brands, programs,
films and other entertainment content on the various platforms on which
they are distributed; the impact on our advertising revenues of declines
in linear television viewing, deficiencies in audience measurement and
advertising market conditions; the potential for loss of carriage or
other reduction in the distribution of our content; evolving
cybersecurity and similar risks; the failure, destruction or breach of
our critical satellites or facilities; content theft; increased costs
for programming, films and other rights; the loss of key talent;
domestic and global political, economic and/or regulatory factors
affecting our businesses generally; volatility in capital markets or a
decrease in our debt ratings; a potential inability to realize the
anticipated goals underlying our ongoing investments in new businesses,
products, services and technologies; fluctuations in our results due to
the timing, mix, number and availability of our films and other
programming; potential conflicts of interest arising from our ownership
structure with a controlling stockholder; and other factors described in
our news releases and filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20181119005871/en/
Source:
Press:
Alex Rindler
Senior Manager, Corporate Communications
(212)
846-4337
alex.rindler@viacom.com
Investors:
James Bombassei
Senior Vice President, Investor Relations and
Treasurer
(212) 258-6377
james.bombassei@viacom.com
Lou Converse
Vice President, Assistant Treasurer
(212) 846-8110
lou.converse@viacom.com