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Media and entertainment company ViacomCBS Inc (NASDAQ: VIAC) priced concurrent offerings of 20 million common stock at $85 per share and 10 million preferred stock at $100 per share in a secondary public offering.
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- The common stock offer price signifies a 6.8% discount to the Tuesday closing price.
- The net proceeds from the common stock offering and the preferred stock offering would be $1.67 billion and $983.09 million, respectively.
- ViacomCBS granted the underwriters a 30-day option to purchase additional 3 million common stock and 1.5 million preferred stock.
- ViacomCBS intends to use the combined net proceeds from the offerings of $2.65 billion for general corporate purposes, including streaming investments.
- Each preferred stock would convert into between 1.0013 and 1.1765 ViacomCBS common stock on April 1, 2024.
- ViacomCBS intends to apply to list the preferred stock under the symbol “VIACP” on the Nasdaq.
- The preferred stock would be payable on a cumulative basis at an annual rate of 5.75% of the liquidation preference of $100 per share.
- Morgan Stanley, J.P. Morgan, Citigroup, Goldman Sachs & Co. LLC, Mizuho Securities, and Siebert Williams Shank are the joint book-running managers for the offerings.
- ViacomCBS’ cash and cash equivalents amounted to $3 billion as of December 31, 2020. The long-term debt balance amounted to $19.7 billion.
- Recently, ViacomCBS redeemed $2 billion senior notes.
- VIAC stock has gained 144.9% year-to-date.
- Price action: VIAC shares traded lower by 8.11% at $83.85 in the premarket session on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.