Viacom Inc. (Nasdaq: VIAB) shaved more than $7 million off potential annual interest costs after its controlling shareholder publicly urged a merger with CBS Corp. (NYSE: CBS)just as the media giant was kicking off a $1 billion bond sale.

Keen to get in before a media remarriage, debt investors submitted some $15 billion of orders for the bonds, people with knowledge of the matter said, and Viacom ultimately raised $1.3 billion. The demand allowed Viacom to lower the yield on parts of the offering by about 0.7 of a percentage point.

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