Viacom Buys Back Billion-Plus In Notes

Company has a little over $7 billion in public debt with due dates stretching to 2055

Viacom has succeeded in buying back most of the $1.5 billlion in debt it has been paying 5.75% interest on.
 
Viacom had offered $1,061.25 for every $1,000 in principal for the notes, which come due in 2011. The company 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.