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Viacom discloses pricing terms of cash tender offers

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Viacom discloses pricing terms of cash tender offers

Viacom Inc. on June 2 disclosed the pricing terms of its cash tender offers for up to $1.0 billion combined purchase price of certain debt securities.

The total consideration for each series of securities includes an early tender premium of $30 per $1,000 principal amount of securities validly tendered and not validly withdrawn by such holders and accepted for purchase by Viacom.

The company said all payments for securities purchased in connection with the early tender deadline, June 1, will also include accrued and unpaid interest on the principal amount of securities tendered from the last interest payment date applicable to the relevant series of securities up to, but not including, the early settlement date, which is expected to be June 5. In accordance with the terms of the offers, the withdrawal deadline was June 1. As a result, tendered securities may no longer be withdrawn, except in certain limited circumstances.

Although the offers are set to expire June 15, because holders of securities subject to the offers validly tendered and did not validly withdraw securities on or prior to the early tender deadline for which the combined aggregate purchase price exceeds the maximum tender amount, Viacom does not expect to accept for purchase any tenders of securities after the early tender deadline.