August 20, 2009 (FinancialWire) — Viacom Inc. (NYSE: VIA) said it has agreed to sell of $850 million of senior notes in an offering comprised of $600 million of 4.375% senior notes due 2014 $250 million of 5.625% senior notes due 2019. The sale is scheduled to close on August 26.

The $600 million of 4.375% senior notes will be sold at a price equal to 99.291% of the principal amount, while the $250 million of 5.625% senior notes will be sold at a price equal to 99.247% of the principal amount.

Viacom plans to use the net proceeds from the offering to fund a tender offer for its 5.75% senior notes due 2011 and, to the extent any proceeds remain, to repay borrowings under its revolving credit facility or commercial paper program.

New York-based Viacom is an entertainment content company consisting of BET Networks, MTV Networks and Paramount Pictures.

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