ViacomCBS Inc. (NAS:VIAC) (NAS:VIACA) late Friday announced a $2.5 billion debt offering, a day after the media giant said it was withdrawing prior guidance to its fiscal 2020 financial results because of coronavirus. ViacomCBS intends to use net proceeds from the offering for general corporate purposes, which may include repayment of outstanding indebtedness. The joint book-running managers for the offering are B.of A. Securities Inc., Goldman Sachs & Co., JP Morgan Securities, and Morgan Stanley & Co. "While ViacomCBS has experienced production delays, the Company has seen increased viewership across its broadcast and cable properties, and is utilizing its deep library of content to mitigate in part the impact of those delays," it said in a filing Thursday. "The Company is also working proactively to offset a portion of anticipated revenue losses through cost-savings initiatives." ViacomCBS shares have plummeted 73% in the last year. The broader S&P 500 index (S&P:SPX) has fallen 10% in the last year.
March 27, 2020, 6:39 p.m. EDT