Viacom raising US$400m of debt

Media giant Viacom is raising US$400 million (€318 million) of debt. It is issuing notes and expects the sale process to close on June 14.

The company said the cash will be used for general corporate purposes including paying down existing debt and buying back shares under its share repurchase scheme. Moody’s issued a note following the news, saying the company’s credit rating will not be impacted by the move.