CBS Announces $1.75 Bln Senior Notes Offering - Quick Facts

(RTTNews) - CBS Corporation (CBS.A, CBS) announced the pricing of a debt offering of $600 million of 2.300% senior notes due 2019, $600 million of 3.700% senior notes due 2024, and $550 million of 4.900% senior notes due 2044.

CBS said it intends to use the net proceeds from this offering to fund its cash tender offer for any and all of its $600 million outstanding aggregate principal amount of 8.875% senior notes due 2019, $224.3 million outstanding aggregate principal amount of 7.875% debentures due 2023, $1.25 billion outstanding aggregate principal amount of 7.875% senior debentures due 2030 and $52.2 million outstanding aggregate principal amount of 7.125% senior notes due 2023 of CBS Broadcasting Inc., a wholly owned subsidiary of CBS Corporation.

The company stated that the remaining net proceeds, if any, will be used to repurchase, redeem, or repay other outstanding indebtedness, including commercial paper and some or all of the Company's remaining 8.875% senior notes due 2019, and for general corporate purposes.