CBS Sells $600 Million 2-Part 10.5-Year/30-Year Bonds At Treasurys +185/220 BPS

CBS Corp. priced $600 million of notes in 2 parts through joint bookrunners Citi, Credit Suisse, J.P. Morgan, Morgan Stanley, Goldman Sachs and Wells Fargo Securities, according to a person familiar with the deal. Proceeds will fund the repurchase of $250 million of CBS's outstanding notes due 2012 and all of its outstanding 7.25% senior notes due 2051, with any remainder going toward general corporate purposes. Terms were as follows:

 
Amount:         $300 million 
Maturity:       February 15, 2021 
Coupon:         4.30% 
Issue Price:    99.732 
Yield:          4.333% 
Spread:         185 basis points over Treasurys 
Settlement:     October 8, 2010 
Ratings:        Baa3 (Moody's Investors Service) 
                BBB- (Standard & Poor's) 
 
Amount:         $300 million 
Maturity:       October 15, 2040 
Coupon:         5.90% 
Issue Price:    99.733 
Yield:          5.919% 
Spread:         220 basis points over Treasurys 
Settlement:     October 8, 2010 
Ratings:        Baa3 (Moody's Investors Service) 
                BBB- (Standard & Poor's)

-By Michael Aneiro, Dow Jones Newswires; (212) 416-2203; michael.aneiro@dowjones.com

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