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Viacom to sell $1.3B in senior notes

Viacom selling $1.3 billion in senior notes for the repayment of existing debt.

Viacom is offering $400 million of 2.250% senior notes due2022 at a price equal to 99.692% of the principal amount and $900 million of3.450% senior notes due 2026 at a price equal to 99.481% of the principalamount. The sale of the senior notes is expected to close on Oct. 4, subject tocustomary closing conditions.

The company intends to repay $400 million of its 2.500%senior notes due December 2016, $500 million of its 3.500% senior notes dueApril 2017, and borrowings under its commercial paper program. It will also useany proceeds left for general corporate purposes.

The joint book-running managers for the offering areCitigroup Global Markets Inc., Merrill Lynch Pierce Fenner & Smith Inc. andMorgan Stanley & Co. LLC.

The move comes a day after National Amusements Inc., theowner of a majority of CBS Corp.and Viacom's voting stock, recommendeda potential merger between the two companies. Viacom has beenpressured on a number of fronts lately, experiencing executive turnover, ratingsdeclines and a lagging stock price.