Viacom Buys Back Billion-Plus In Notes

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Viacom has succeeded in buying back most of the $1.5 billlion in debt it has been paying 5.75% interest on.

The programming giant had offered $1,061.25 for every $1,000 in principal for the notes, which come due in 2011. Viacom has a little over $7 billion in public debt, with due dates stretching to 2055.

At the close of the offering Thursday, $1,305,574,000 of the $1,500,000,000 in notes had been tendered and accepted, or 87.1% of the total.

Last week, the company issued $850 million in new notes at a lower interest rate and with due dates further in the future to help pay for buying up the old ones.