ViacomCBS Inc. Announces Amendments to its Credit Agreement
January 23, 2020 at 05:28 pm EST
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On January 23, 2020, ViacomCBS Inc. entered into an amended and restated credit agreement among ViacomCBS, the subsidiaries of ViacomCBS designated as borrowers from time to time thereunder, the lenders named therein, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., Bank of America, N.A. and Wells Fargo Bank, National Association, as syndication agents, and Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank Ltd. and Morgan Stanley MUFG Loan Partners, LLC, as documentation agents, which amends and restates ViacomCBS' amended and restated credit agreement, dated as of February 11, 2019, as amended from time to time prior to the date of the Amendment and Restatement. Contemporaneously upon its entry into the Amendment and Restatement, ViacomCBS terminated, effective January 23, 2020, its existing $2,500,000,000 amended and restated credit agreement (the CBS Credit Agreement"), dated as of June 9, 2016, among CBS Corporation (now known as ViacomCBS Inc.), CBS Operations Inc., the subsidiary borrowers party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. No early termination penalties were incurred by ViacomCBS as a result of the termination of the CBS Credit Agreement. The Amendment and Restatement contains provisions substantially similar to those in the Credit Agreement, including customary representations, warranties and covenants, which includes the maintenance of a maximum consolidated total leverage ratio, and modifications to certain provisions of the Credit Agreement to, among other things, (i) upsize the amount of the credit facility from $2,500,000,000 to $3,500,000,000 and (ii) extend the maturity date of the credit facility from February 11, 2024 to January 23, 2025, subject to two one-year extensions. ViacomCBS pays a commitment fee based on the average daily unused commitments under the Amendment and Restatement.
Paramount Global is a media, streaming and entertainment company. The Company has three segments. TV Media segment consists of its broadcast operations: CBS Television Network, CBS Stations and its international free-to-air networks; domestic premium and basic cable networks, including Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network and international extensions of certain of these brands, and domestic and international television studio operations. Direct-to-Consumer segment includes its portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, BET+ and Noggin. Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax. Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax.