NEW YORK, June 26, 2017 /PRNewswire/ -- CBS Corporation
(NYSE: CBS.A and CBS) today announced the pricing of a debt
offering of $400 million of 2.500%
senior notes due 2023 and $500
million of 3.375% senior notes due 2028. The sale of the
senior notes is expected to close on July 3,
2017, subject to customary closing conditions.
After deducting fees and expenses related to this offering, CBS
intends to use the net proceeds to repay at maturity its
$400 million outstanding aggregate
principal amount of 1.95% senior notes due July 1, 2017, and to redeem all of its
$300 million outstanding aggregate
principal amount of 4.625% senior notes due May 15, 2018. The remaining net proceeds, if any,
will be used for general corporate purposes including, among other
things, the repayment of short-term borrowings, including
commercial paper.
The joint book managers for the offering are Credit Suisse
Securities (USA) LLC, Deutsche
Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, and Wells Fargo Securities, LLC.
This offering is being made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission ("SEC") and only by means of a prospectus and
related prospectus supplement. These documents may be obtained for
free from the SEC at www.sec.gov or by contacting CBS Investor
Relations by telephone at (877) CBS-0787 or by email at
investorrelations@cbs.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Disclosure Notice
Certain statements in this
release are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward-looking statements. Important factors that
could cause actual results to differ materially from our
expectations include, without limitation: changes in legislation,
tax rules or market conditions; other domestic and global economic,
business, competitive and/or regulatory factors affecting CBS
Corporation's businesses; the ability to achieve the separation of
CBS Corporation's radio business on the anticipated terms; and
other factors described in CBS Corporation's filings with the SEC
including, but not limited to, its most recent Forms 10-K, 10-Q and
8-K. You should not place undue reliance on these forward-looking
statements, which apply only as of the time of this news release.
Except to the extent required by applicable securities laws, we do
not undertake any obligation to update any forward-looking
statements contained in this release as a result of new information
or future events or developments.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and
CBS) is a mass media company that creates and distributes
industry-leading content across a variety of platforms to audiences
around the world. The Company has businesses with origins that date
back to the dawn of the broadcasting age as well as new ventures
that operate on the leading edge of media. CBS owns the
most-watched television network in the U.S. and one of the world's
largest libraries of entertainment content, making its brand — "the
Eye" — one of the most recognized in business. The Company's
operations span virtually every field of media and entertainment,
including cable, publishing, radio, local TV, film, and interactive
and socially responsible media. CBS's businesses include CBS
Television Network, The CW (a joint venture between CBS Corporation
and Warner Bros. Entertainment), CBS Television Studios, CBS
Studios International, CBS Television Distribution, CBS Consumer
Products, CBS Home Entertainment, CBS Interactive, CBS Films,
Showtime Networks, CBS Sports Network, Pop (a joint venture between
CBS Corporation and Lionsgate), Smithsonian Networks, Simon &
Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For
more information, go to www.cbscorporation.com.
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SOURCE CBS Corporation