Paramount Global Announces Redemption of Approximately $2.0 Billion of Notes

Feb 17, 2022
By ViacomCBS Staff

NEW YORK, Feb. 16, 2022 /PRNewswire/ -- Paramount Global (f/k/a ViacomCBS Inc.) (the "Company") (NASDAQ: PARA, PARAA) today announced that it would redeem (i) all of its outstanding 3.875% senior notes due April 1, 2024 (the "3.875% notes"), (ii) all of its outstanding 3.700% senior notes due August 15, 2024 (the "3.700% notes") and (iii) a portion of its outstanding 3.50% senior notes due January 15, 2025 (the "3.50% notes").  Also, on January 28, 2022, the Company notified the respective holders that it would redeem all of its outstanding 5.875% fixed-to-floating rate junior subordinated debentures due February 28, 2057 (the "5.875% notes").  The redemption date for the 3.875% notes is March 18, 2022.  The redemption date for the 3.700% notes and the 3.50% notes is March 3, 2022. The redemption date for the 5.875% notes is February 28, 2022.

The redemption price for the 3.875% notes, the 3.700% notes and the 3.50% notes is equal to the sum of 100% of the principal amount of such series of notes to be redeemed, the make-whole amount calculated in accordance with the terms of such series of notes and the related indenture under which such series of notes was issued, and the accrued and unpaid interest on such series of notes up to, but excluding, the respective redemption date.  The redemption price for the 5.875% notes is equal to the sum of 100% of the principal amount of such series of notes to be redeemed and the accrued and unpaid interest on the 5.875% notes up to, but excluding, the respective redemption date.  The aggregate principal amount of each such series of notes outstanding and the principal amount of each such series of notes to be redeemed is as set forth below:

Title of Security

Aggregate Principal Amount Outstanding

Aggregate Principal Amount to be Redeemed

3.875% notes

$492,139,000

$492,139,000

3.700% notes

$600,000,000

$600,000,000

3.50% notes

$600,000,000

$325,000,000

5.875% notes

$520,000,000

$520,000,000

 

Holders owning notes through a broker, bank, or other nominee should contact that party for information.  For more information, holders of the 3.875% notes and the 5.875% notes may call the paying agent for the redemption of such series of notes, The Bank of New York Mellon at (800) 254-2826, and holders of the 3.700% notes and the 3.50% notes may call the paying agent for the redemption of such series of notes, Deutsche Bank Trust Company Americas at (800) 735-7777.

About Paramount Global
Paramount Global (NASDAQ: PARA, PARAA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic studios, networks and streaming services, its portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, Paramount Global provides powerful capabilities in production, distribution and advertising solutions.

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PARA-IR

SOURCE Paramount Global