Proceeds to be used for general corporate purposes

Media companies are borrowing billions of dollars as they seek to weather the coronavirus crisis.

Viacom announced plans to raise money by selling notes worth $2.5 billion. Comcast completed the sale of notes worth $4 billion, according to a filing with the Securities and Exchange Commission.

ViacomCBS said it agreed to sell $1.25 billion in 4.750% senior notes due 2025 at a price equal to 99.498% of principal and $1.25 billion in 4.950% senior notes due 2013 at 98.036% of the principal amount.

The company said it intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of outstanding indebtedness.

ViacomCBS said it expects the sale to be completed April 1.

Earlier on Friday, ViacomCBS withdrew its financial guidance amid uncertainty cause by the COVID-19 outbreak. 

Comcast said it consummated the issuance and sale of $800 million of 3.1% notes due 2025, $800 million in 3.3% notes due 20207, $1.6 billion in 3.4% notes due 2030 and $800 million in 3.75% notes due 2040.