3rd UPDATE: CBS Prices $700 Million Of 10-Year Notes At +150 BPs -Source
February 24 2012 - 3:01PM
Dow Jones News
CBS Corp. (CBS) completed its $700 million sale of 10-year notes
at 1.50 percentage points above comparable Treasurys in the U.S.
credit markets Friday, according to a person familiar with the
pricing terms.
The 3.375% coupon bonds were priced to yield 3.483%, on the
narrow end of original pricing guidance.
Outstanding CBS bonds due 2021 traded Thursday at a spread of
1.38 percentage points, yielding 3.37%, according to
MarketAxess.
The notes are expected to be rated Baa2 by Moody's Investors
Service, and BBB by Standard & Poor's and Fitch Ratings.
The mass media company intends to use the proceeds to repay some
debt, including 6.75% senior notes due 2056. The remaining proceeds
are for general corporate purposes.
The notes feature a change of control provision allowing
investors to redeem them at 101 cents on the dollar should the
company be acquired and get downgraded below investment grade.
Bank of America Merrill Lynch, Deutsche Bank, Royal Bank of
Scotland and UBS are lead bookrunners on the Securities and
Exchange Commission-registered sale.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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