CBS Corporation Announces $900 Million Senior Note Offering

By Newsroom America Staff at 12 Jun 2012

(Newsroom America) -- CBS Corporation (NYSE: CBS.A and CBS) today announced the pricing of a debt offering of $400 million of 1.95% senior notes due 2017 and $500 million of 4.85% senior notes due 2042.

CBS Corporation said it intends to use the net proceeds from this offering to repay at maturity approximately $152 million 8.625% debentures due August 1, 2012, and to redeem approximately $338 million 5.625% senior notes due August 15, 2012.

The remaining net proceeds will be used to repurchase or repay other outstanding indebtedness, including some or all of the Company's $400 million 8.200% senior notes due May 15, 2014, and for general corporate purposes.

The joint book-running managers for the offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc., and UBS Securities LLC.